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

Trade war US finalizes new batch of tariffs on $16bn of Chinese products

Brian Snyder Reuters

The Trump administration has finalized a new round of 25 percent tariffs on an additional $16 billion in Chinese imports.

Beijing said last Friday it would impose tariffs ranging from 5 per cent to 25 per cent on US$60 billion worth of American products.

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

June 15: Trump rolls out thefinal list of goods subject to new tariffs.

March 22:Trump announces plans to hit$50 billion worth of Chinese goods with a 25% tariff.China announces tariffsin retaliation to the steel and aluminum duties and promises a response to the latest U.S. announcement. "The risk is that the USA administration's gamble to strong-arm China into giving into all USA demands without some compromise only leads to successive rounds of higher and higher tariffs". China's latest tariffs will be implemented on August 23, in tandem with the U.S.

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China has responded with retaliatory tariffs of its own.

"This second tranche of additional tariffs under Section 301 follows the first tranche of tariffs on approximately $34 billion of imports from China, which went into effect on July 6", it added.

May 29: The White House announces the tariffs on $50 billion of Chinese goodswill move forward, with the final list of goods released June 15.

Due to the rising trade tension between China and the United States, the trading arm of Chinese state oil major Sinopec is said to have suspended imports of crude oil from the United States.

This round of tariffs is open to public comment until September 6th. It would take a few more weeks to revise the list and make programming changes at U.S. Customs and Border Protection to begin collecting the duties.

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The president remains confident that his "America First" overhaul of USA trade policy is paying dividends. Because "Texas is on the front line of the dispute", he said, with energy companies being squeezed by tariffs on all sides.

Some U.S. industries have expressed disappointment at Tuesday's decision.

Trump administration efforts to force China into concessions also have been complicated by the falling yuan, which has lost more than 8 percent of its value against the dollar since April.

Analysts from Oxford Economics have predicted that China's GDP growth may slow to 6.4 per cent this year, from 6.9 per cent in 2017, as the effects of the trade war weigh.

The latest commentary from state media on Wednesday took a softer line after resorting to personal attacks against Trump earlier in the week, saying China could get through the storm but refrained from directly mentioning the US president.

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