Published: Wed, August 08, 2018
World News | By Laverne Osborne

United States sets date for additional China tariffs

United States sets date for additional China tariffs

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

China's trade with the USA also continued to rise in July despite the tariffs, with exports up 11.2 percent year-on-year, and imports increasing 11.1 percent.

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.

Trump has also threatened 25 percent tariffs on another $200 billion worth of Chinese goods, and possibly another $300 billion worth, in his administration's quest for changes to China's intellectual property, market access and industrial subsidy policies.

China's closely watched surplus with the United States dipped only slightly to $28.09 billion last month from a record $28.97 billion in June.

China has already retaliated against the United States with its own tariffs and proposed others if Washington goes ahead with all its threats.

The United States will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on August 23, the U.S. Trade Representative's office said on Tuesday as it published a final tariff list targeting 279 imported product lines.

The tranche of 25 per cent tariffs - which covers 279 products including electronic parts, plastics, chemicals, batteries, tractors and railway cars - follows $US34 billion worth of tariffs announced by the U.S. government in July.

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A list published by the U.S. Trade Representative's office indicated 279 import product lines for tariffs. But it was 11% higher than in the same month previous year.

China has repeatedly warned it will strike back, and has already begun enforcing or is getting ready to enforce its own retaliatory tariffs, saying the United States is threatening the global free trade order with its protectionism.

Although the move was expected, it solidifies the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies. Year-on-year, the growth of China's exports to the USA slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.

China's imports rose 27.3 percent year-on-year in July, in a sign domestic demand remains solid, but the worry is that the escalating Sino-U.S. trade war, rising corporate bankruptcies, and a steep decline in the yuan could put a significant dent on the economy.

The Trump administration has maintained that the tariffs are necessary to force China into changing economic behavior it says harms the US.

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

"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.

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