China places tariffs on another $16B worth of USA goods

A Chinese worker looks on as a cargo ship is loaded at a port in Qingdao Shandong Province

China Tariffs on $16B Finalized for August 23 by Trump Administration STR AFP Getty Images 7 Aug 2018Washington DC

China is slapping additional tariffs of 25 percent on $16 billion worth of US imports from fuel and steel products to autos and medical equipment, the Chinese commerce ministry said, as the world's largest economies escalated their trade dispute.

China's headline numbers are the first readings of the overall trade picture for the world's second-largest economy since U.S. duties on $34 billion of Chinese imports came into effect on July 6.

China's exports soared in July, showing little impact from USA tariffs, as Washington finalises more duties on Chinese imports. China's latest tariffs will be implemented on August 23, in tandem with the U.S.

April 3: The US trade representativeannounces a list of Chinese goodssubject to the tariffs. Chinese data on Wednesday showed exports to the USA rose 13.3% in July to $41.5 billion against a year ago. Both countries have already slapped tit-for-tat duties on $34 billion of each other's goods.

However, President Trump is also engaged in trade disputes with other countries, such as Canada and Mexico, and has imposed separate tariffs on items that include steel and aluminium, washing machines and solar panels.

All in all, China's trade surplus with the USA shrank to $28.08 billion in July against $28.97 billion in the previous month.

The US and China have been trying to restart high-level talks that broke off after Trump followed through on his tariff threats. In response, China has threatened up to 25 per cent tariffs on US$60 billion in American imports.

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The world's two biggest economies are locked in a trade dispute.

The tariffs are aimed at industrial, rather than consumer, imports.

China's exports to the United States rose 13.3 percent in the first seven months of 2018 from a year earlier, compared with a 13.5 percent rise in Jan-June.

The U.S. exported more than $142 million worth of lobster to China a year ago, up from about $108 million in 2016. A third and further damaging round is proposed on an eye-watering $200 billion worth of trade, around $1 billion of which is said to be bicycle related goods.

China, however, would run out of US imports to levy, as it bought only $130 billion worth of American goods previous year.

His administration confirmed that its trade assault would soon cover more than $50 billion of products from China.

In a statement, the Chinese Commerce Ministry charged that the United States "once again put domestic law above worldwide law by imposing "very unreasonable" new tariffs on Chinese goods".

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