Published: Thu, August 09, 2018
Economy | By

China to slap additional tariffs on U.S. goods

China to slap additional tariffs on U.S. goods

China confirmed that it will impose 25 percent tariffs on an additional $16 billion worth of imports from the United States from August 23, matching an earlier move from Washington in another ratchet higher for the trade war between the two nations.

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 USA government in July.

The tit-for-tat protectionist measures are poised to surge even higher, with the U.S. reviewing 10 percent duties on a further $200 billion in Chinese imports that it may even raise to 25 percent after a comment period ends on September 6.

The latest USA tariffs on 279 products, including motorcycles, speedometers and antennas, will also take effect August 23.

So far, China has now either imposed or proposed tariffs on $110 billion of USA goods, representing the vast majority of its annual imports of American products.

For its part, China has threatened to ratchet up the tit-for-tat trade war by slapping tariffs on another $60bn of American imports.

Chinese data on Wednesday showed exports to the USA rose 13.3% in July to $41.5 billion against a year ago.

July 6:The first tranche oftariffs on $34 billion worth of Chinese goodstakes effect; China responds in kind. Chinese imports of goods and services into the United States a year ago amounted to almost $524 billion.


However, the USA imports far more from China than it exports to it, meaning Beijing may at some point need to look for other means of retaliation.

According to data by China's General Administration of Customs compiled by Reuters, Chinese crude oil imports increased to 8.48 million bpd in July from 8.36 million bpd in June and from 8.18 million bpd in July previous year. That was off slightly from June's 13.6% rate but still stronger than China's global export growth.

Front page commentary published across all state newspapers by the official Xinhua news agency said: "Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around".

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

China said it is targeting 333 products, including crude oil, coal, diesel, cars, bicycles, medical equipment, steel products, scrap metals and waste paper, as well as fish meal.

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

A spokesman for the commerce ministry described the latest round of USA tariffs as "very unreasonable".

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