Sunday, 21 October, 2018

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

| 08 August, 2018, 18:26

China's commerce ministry has announced that it will start imposing 25% import duties targeting $16bn (£12.4bn) worth of United States goods.

The latest charge comes after the US said it would implement another round of tariffs on $16 billion worth of Chinese goods.

A first tranche, on $34bn worth of goods, went into effect in July. Customs will begin collecting the duties on 279 product lines, down from 284 items on the initial list, as of 23 August, the US Trade Representative's Office said in an emailed statement on Tuesday.

The latest $16 billion list will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea.

China has already retaliated with duties of its own, and has pledged to match the U.S. dollar for dollar with new tariffs. Year-on-year, the growth of China's exports to the USA slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.

The new tariffs, the latest in the ongoing trade spat between USA and China, target industrial supplies, chemicals, motorcycles, tractors and tractor parts, rail cars, auto parts, some iron and steel, motor and machine components and more.

The Trump administration has accused China of unfair trade practices, and President Donald Trump has long vowed to bring down the United States' trade deficit in goods with Beijing.


China's surplus with the United States shrank marginally to $28.09 billion last month from a record $28.97 billion.

Although the move was expected, it cements the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies.

China's imports rose 27.3 percent year-on-year in July, in a sign domestic demand remains solid, but the worry is that the escalating Sino-U.S. trade war, rising corporate bankruptcies, and a steep decline in the yuan could put a significant dent on the economy.

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

"There is no off-ramp, and Trump has given China little wiggle room to save face and come to the bargaining table", he said.

China has repeatedly warned it will strike back against any further punitive measures by Trump, saying the United States is threatening the global free trade order with its protectionism.

John Neuffer, president of the Semiconductor Industry Association, said: "We have made the case to the administration, in the strongest possible terms, that tariffs imposed on semiconductors imported from China will hurt America's..."

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