Monday, 15 October, 2018

China to hit U.S. with tariffs on United States imports worth $16bn

Trump administration moves ahead with new round of tariffs on Chinese imports Trump going ahead with tariffs on $16B in Chinese imports
Ray Hunter | 08 August, 2018, 18:27

The trade war between the USA and China continues to escalate, with China slapping a 25% tariff on another $16 billion worth of US goods.

On July 6, the USA began taxing the 818 goods, worth $34 billion, remaining from the April list.

China's announcement is a direct response to new duties on Chinese goods imported into the United States, announced Tuesday in Washington.

China's exports soared in July, showing little impact from U.S. tariffs, as Washington finalises more duties on Chinese imports.

The trade representative said the tariffs were a response to an investigation, released this year, which found China's policies on technology transfer, intellectual property and innovation were unreasonable and discriminatory, and placed an unfair burden USA commerce.

In May, Chinese importers trying to beat Beijing's looming counter-tariffs led to a surge in United States exports of crude oil and soybeans, temporarily driving down the trade deficit and helping boost GDP growth in the April-June period to 4.1 percent.

The Chinese government said in a statement Wednesday that the taxes would be imposed on August 23.

The US and China have been trying to restart high-level talks that broke off after Trump followed through on his tariff threats. Washington has long criticized China's trade surplus with the United States and has demanded Beijing cut it.

Vintage World War II plane crashes in Switzerland, 20 feared dead
Officials said 11 men and nine women were killed, most from Switzerland but also a couple and their son from Austria. He said it had its full annual service during the winter, and "we know of no technical problems with this aircraft".

In a statement on its official website late on Wednesday, China's commerce ministry criticized the USA move as being "unreasonable", saying it had no choice but to adopt the same measure on an equal amount of American goods ranging from oil and steel products to autos and medical equipment.

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.

Of more direct effect in the Sino-U.S. trade war, China's surplus with the United States shrank only marginally to $28.09 billion last month from a record $28.97 billion in June.

The Trump administration has maintained that the tariffs are necessary to force China into changing economic behavior it says harms the US. Last year, China imported about $130 billion of USA goods.

All China's main state newspapers published a lengthy commentary by the official Xinhua news agency, entitled "declaration", on their front pages.

"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", it said.

Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation.

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