Economy

As US slaps on fresh tariffs, China fires back

As US slaps on fresh tariffs, China fires back

Having claimed that "trade wars are good and easy to win", President Trump has said that he is prepared to hit up to $500 billion of Chinese goods with taxes in an attempt to reduce America's...

Over $480 million worth of Washington agriculture exports are impacted by Chinese tariffs.

President Trump had repeatedly expressed discontent over the USA trade deficit with China, accusing the country of unfair trade practices, intellectual property theft, currency manipulation, and of providing state aid to Chinese firms.

The US had already levied 25 per cent duties on US$34 billion in Chinese goods on July 6, prompting swift in-kind retaliation from Beijing.

Imports also rose much faster in July thanks to still solid domestic demand, official data showed on Wednesday, with purchases of commodities like copper and iron ore rising from June.

The 279 items that will be hit with tariffs at the end of August are mostly industrial goods such as tractors, plastic tubes, and measurement equipment like speedometers.

GM already imports two models from China into the US and Ford will soon import the Focus, and both export significant volume from the U.S.to China. Washington farmers export more sweet cherries to China than any other country. And President Donald Trump has threatened to impose tariffs on virtually everything China sells to the United States.

After complaints by Chinese leaders, Trump agreed to reverse a USA enforcement action that would have caused ZTE, a prominent state-owned telecom company, to go out of business.

China has responded with retaliatory tariffs of its own.

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It will be the second time the United States slaps duties on Chinese goods in about the past month, despite complaints by American companies that such moves will raise business costs and eventually consumer prices.

So far, financial markets have shrugged off the first round of trade duties.

ANZ senior China economist Betty Wang said Beijing will likely resist using its closely managed currency as a tool in the trade war. Over the weekend, Trump told a rally he holds the advantage over China, adding playing hardball on trade is "my thing".

According to the U.S. Trade Representative's office on Tuesday...16-billion worth of Chinese imports will be subject to 25 percent tariffs starting August 23rd.

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. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs. Last year, China imported about $130 billion of USA goods.

The trade balance between the two countries, which is at the center of the tariffs tussle, continued to be in favor of China. The move appears to wreck the nascent trade deal.

Trade tensions between the USA and China have been intensifying over recent months with each country imposing levies on mutual imports with extra duties.

China deprives US companies of the ability to set market-based terms in licensing and other technology-related negotiations.

The new 25% tariffs on United States goods will also take effect from 23 August, the Ministry said.