US finalizes next China tariff list targeting $16 billion in imports

08 August, 2018, 18:26 | Author: Charlene Valdez

The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries.

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

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.

Still, disagreements between the two major economic powers run deeper than just the trade balance and tensions remain over market access, intellectual property, technology transfer and investment.

China fired back warning it would impose duties on $60 billion in U.S. goods.

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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.

They appear far from a resolution. and according to US local news outlets, the USTR is reviewing the 10 percent tariffs on a further 200-billion USA dollars of Chinese imports...and is considering raising the rate to 25 percent.

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

Economists warn that a prolonged trade war between China and the USA could end up increasing prices for American consumers and hurting United States businesses.

In April, the administration had announced plans to slap tariffs on 1,333 Chinese product lines worth $50 billion a year.

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Over the past year, it has hired more than a half-million Americans and stands as the leading job-creating sector. He has raised starting pay roughly 10 percent in the past two years, from $60,000 to between $65,000 and $70,000.

Trump has threatened to levy a 25% tariff on an additional $200 billion worth of Chinese imports to the U.S. - a move that would blow open the disagreement between the countries.

July 10: TheUS releases an initial listof an additional $200 billion worth of Chinese goods that could be subject to a 10% tariff.

Beijing has retaliated with its own duties on $34bn of United States goods.

Several large American companies have said they would adjust their supply chains to source outside of China if tariffs on Chinese goods impacted them, while China's Haier Group (1169.HK) said rising steel prices amid hefty US import tariffs was driving up costs for its business in America.

August 3: China announces that the country will impose tariffs of various rates on another $60 billion worth of United States goods if Trump moves forward with his latest threat.

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