China to slap additional tariffs on $16 billion of United States goods

China to slap additional tariffs on $16 billion of United States goods

The new tariffs on US goods will be 25 percent. But it held off on a final $16 billion as a result of concerns raised by United States companies.

The dispute over tariffs has continued to escalate as both sides exchange threats.

Beijing has called on U.S. officials to be "cool headed", but has warned it will retaliate against any tariffs with its own measures.

A Chinese Ministry of Commerce spokesperson wrote in a brief statement on Wednesday that the U.S. action was "once again overriding domestic law and global law", labelling it "a very unreasonable practice".

Gary Hufbauer, a senior fellow and trade expert at the Peterson Institute for International Economics in Washington, said he expected that there would be little to stop further escalation of the U.S. The list is heavy on industrial products such as steam turbines and iron girders. With no formal talks taking place between Chinese and American officials, some analysts say Trump's use of tariffs may be created to reverse a quarter-century of growing economic ties between the two countries, rather than to spur diplomatic bargaining.

"This second tranche of additional tariffs under Section 301 follows the first tranche of tariffs on approximately $34 billion of imports from China, which went into effect on July 6", it added.

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

The surplus with the United States was higher than China's overall trade surplus in July, which was $28.05 billion, indicating China ran a net trade deficit with the world excluding the U.S.

March 1: President Donald Trump announcestariffs on all imports of steel and aluminum, including metals from China.

The Chinese government said in a statement Wednesday that the taxes would be imposed on August 23.

President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than US$500 billion past year.

For its part, China has threatened to ratchet up the tit-for-tat trade war by slapping tariffs on another $60bn of American imports. Year-on-year, the growth of China's exports to the U.S. slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent. "By continuing to up the ante, Trump is, in effect, publicly demanding an unconditional surrender from Beijing". That's 24% of all Washington exports according to the Washington Department of Agriculture.

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