USA to impose $16 billion import tariffs on China

Trump going ahead with taxes on $16B in Chinese imports

Trump going ahead with taxes on $16B in Chinese imports

The US will impose 25 percent tariffs on $16 billion (€13.7 billion) worth of Chinese imports, in addition to the tariffs already in place, the Trump administration announced on Tuesday.

Chinese imports worth $34 billion would be subject to the new 25% tariff as of July 6, with another $16 billion worth of imports subject to the tariff at a later date.China retaliateswith an equivalent set of tariffs.

China fired back with its own warning and said it would impose duties on $60 billion of USA goods.

China's exports growth unexpectedly accelerated in July despite fresh USA tariffs, while its trade surplus with the United States remained near record highs as Beijing and Washington ramped up a bitter dispute that has rattled financial markets.

The tariff will mostly apply to industrial equipment, like tractors and chemicals.

Last month, the USA imposed duties of 25% on Chinese imports worth $34bn.

The investigation had revealed that China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from U.S. companies and it deprives United States companies of the ability to set market-based terms in licensing and other technology-related negotiations.

How Newcastle United Players Are Protesting Against The Club Over Bonuses
"Then we finished 10th and credit to our players, but I still thought we could do something more to be closer". Newcastle United have bolstered their attack with the addition of Japan global Yoshinori Muto.

This is part of the US' response to China's "unfair trade practices" related to the forced transfer of American technology and intellectual property, the US Trade Representative (USTR) said.

President Trump had repeatedly expressed discontent over the USA trade deficit with China, accusing the country of unfair trade practices, intellectual property theft, currency manipulation, and of providing state aid to Chinese firms.

After Liu visited Washington later that month, the nations released a joint statement pledging to reduce the USA trade deficit with China, among other things.

Trump has threatened to levy a 25% tariff on an additional $200 billion worth of Chinese imports to the USA - a move that would blow open the disagreement between the countries.

A US-China trade war will reduce global output by 0.7% by 2020, with China's economy taking a 1.3% hit and US GDP dropping 1%, Oxford Economics said in a research note on Tuesday, before the new list was released.

In the meantime, it sought public comment on the new items.

"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". And Mr. Trump has threatened to impose tariffs on virtually everything China sells to the United States.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.