China Announces New Set of Retaliatory Tariffs on US Goods

China Announces New Set of Retaliatory Tariffs on US Goods

China Announces New Set of Retaliatory Tariffs on US Goods

At the same time, Beijing's trade surplus with the US - a frequent source of anger and threats from President Donald Trump - grew 11 percent to $28 billion.

China announces it will hit the United States with tariffs on $60 billion of USA exports covering 5,200 products in response to Trump's decision to raise the tariff. Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation.

Last month, the United States had imposed duties of 25 percent on Chinese imports worth 34 billion.

Beijing's fresh tariffs on USA goods will apply to 333 items.

China's commerce ministry has announced that it will start imposing 25 percent import duties targeting $US16 billion ($NZ17.779bn) worth of USA goods.

China's announcement comes after the U.S. Trade Representative's office released a finalized list of $16 billion worth in Chinese goods that will be hit with tariffs.

"This is a very unreasonable practice", the Chinese commerce ministry said of the U.S. action on Wednesday as it rolled out China's counter-tariffs. "Of course, China will retaliate, probably dollar for dollar", Hufbauer said.

And the conflict is likely to escalate: The administration is preparing tariffs of up to 25 percent on an additional $200 billion in Chinese products. Beijing has retaliated with higher duties on a similar amount of American goods. They are meant to protect homegrown businesses and put foreign competitors at a disadvantage.

The latest tariff salvos stem from Trump's complaint that China is unfairly acquiring American technology via coercive joint ventures with United States companies, cybertheft and other violations of intellectual property rights.

In another sign of China's rising imports, gas distributor ENN received its maiden cargo for the country's first major privately-owned LNG import terminal this week, Thomson Reuters Eikon shiptracking data showed.

The unusually strong July import figures reflected higher prices, according to Evans-Pritchard.

"My expectation is that U.S. tariffs on $250 billion of imports from China will be in effect about a month prior to the November U.S. elections".

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China's global trade surplus narrowed by 40 percent from a year earlier to $28 billion. China has vowed to retaliate with equivalent tariffs against any USA action. But it was 11 percent higher than in the same month past year.

China's soybean imports in July fell from a month ago, customs data showed on Wednesday, as processors slowed purchases after building up a record inventory of the oilseed in preparation for hefty import tariffs on USA shipments introduced last month.

Beijing sent another warning shot to Washington on Thursday, with its state media accusing the USA of "mobster mentality".

"The US-China trade war has complicated Beijing's ambitious plan to transform 11 cities in the "Greater Bay Area" into the Chinese version of the "Silicon Valley, ' the Post has learned".

China's state media has stepped up its criticism of the USA in recent days.

So far, Trump's supporters have stood beside him amid the trade disputes. Longer term contract negotiations could also be affected. Big-ticket US items that are still not on any list are crude oil and large aircraft.

China's stance now is that a resolution of trade tensions must not block its further economic progress, but adjustments to Made in China 2025 could happen.

"Countries that are committed to market-based outcomes and that are willing to provide the United States with reciprocal opportunities in their home markets will find a true friend and ally in the Trump Administration", the President's Trade Policy Agenda stated.

Workers transfer Lithium-ion batteries in a factory in Taizhou in east China's Jiangsu province.

That total could soon increase.

"We'll know China is really feeling the pressure when they start stirring nationalist sentiment or calling for boycotts against U.S.", said Bruce Andrews, managing director of Rock Creek Global Advisors. The list identifies OCC and all other recovered fiber materials among the product codes that would be hit with the 25 percent duty. This article is strictly for informational purposes only.

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