Thursday, 18 October 2018
Latest news
Main » China To Slap Additional Tariffs On $16 Billion Worth Of US Goods

China To Slap Additional Tariffs On $16 Billion Worth Of US Goods

09 August 2018

There are very few domestic electric bike manufacturers to protect in the USA, it was argued, meaning that the "trade war" simply damages a growth industry and one that brings green credentials at a time when they sorely need promotion.

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.

The US will begin imposing 25% duties on an additional $16 billion in Chinese imports in two weeks, escalating a trade war between the world's two biggest economies.

As early as July 5, the story of tariffs on USA crude by China had been floated.

The administration is preparing tariffs of up to 25 percent on an additional $200 billion in Chinese products. Products being targeted now include crude oil, cars, steel and medical equipment.

The taxes were the second tranche of a planned $50 billion package that began on July 6 when the USA slapped duties on $34 billion in Chinese goods, provoking a dollar-for-dollar response from Beijing.

Mr. Trump has continued to portray tariffs on foreign imports as good for the country, even as many Republicans and traditionally right-of-center groups preach their ills.

Falling within a list of $16 billion worth of traded items, the USTR pushed live its finalised tariff list on Tuesday, having tentatively published a 284 category proposal back in June.

China has already retaliated with duties of its own, and has pledged to match the United States dollar-for-dollar with new tariffs, including on the next $16 billion.

The move is the latest escalation of President Donald Trump's trade war with China.

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. But it held off on a final $16 billion as a result of concerns raised by USA companies.

At the same time, Beijing reported a $28.1bn trade surplus with the U.S. in July, just below the record $28.9bn seen in June.

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

China To Slap Additional Tariffs On $16 Billion Worth Of US Goods