USA sets date for additional China tariffs

USA sets date for additional China tariffs

The two sides have shown no signs of letting up, with the USA earlier Wednesday saying it will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on August 23, and Chinese media resorting to personal attacks against Trump earlier in the week.

The US had already levied 25 percent duties on $34 billion in Chinese goods on July 6, prompting swift in-kind retaliation from Beijing.

The tit-for-tat protectionist measures are poised to surge even higher, with the USA reviewing 10 percent duties on a further $200 billion in Chinese imports that it may even raise to 25 percent after a comment period ends on September 6.

The latest charge comes after the USA said it would implement another round of tariffs on $16 billion worth of Chinese goods.

Announcing the new duties, the US Trade Representatives Office: "China directs and unfairly facilitates the systematic investment in, and acquisition of, US companies and assets to generate large-scale technology transfer".

Trade tensions between the United States and China have been intensifying over recent months with each country imposing levies on mutual imports with extra duties.

China's surplus with the U.S. shrank marginally to $28.09 billion last month from a record $28.97 billion. However, analysts still expect a less favourable trade balance for China in coming months given it's early days in the tariff brawl. And President Donald Trump has threatened to impose tariffs on virtually everything China sells to the United States.

The surplus with the United States was higher than China's overall trade surplus in July, which was $28.05 billion, indicating China ran a net trade deficit with the world excluding the U.S.

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Year-on-year, the growth of China's exports to the USA slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.

Crude shipments came in at 36.02 million tonnes last month, or 8.48 million barrels per day, up from 8.18 million bpd a year ago, and just up on June's 8.36 million bpd, data from the General Administration of Customs showed.

Looking forward, China tends to maintain strong imports, while exports are also likely to hold steady despite uncertainties rising from trade tensions with the United States, Bai said.

"Although this may for a moment bring preening with delight, it will make it hard to resolve economic imbalances or out of kilter politics and other deep-rooted problems".

The US products in line for tariffs include chemical items and diesel fuel.

April 4: China rolls out a listof more than 100 USA goods worth roughly $50 billion that are subject to retaliatory tariffs.

"This is a very unreasonable practice", the Chinese commerce ministry said on its website.

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