Trump going ahead with tariffs on $16B in Chinese imports

Trump to dine with business leaders at New Jersey resort amid trade row

Trump going ahead with tariffs on $16B in Chinese imports

The United States slapped an extra 25 percent tariff on 34 billion US dollars worth of Chinese imports beginning July 6, to which China responded with an equivalent retaliatory measure.

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.

As early as July 5, the story of tariffs on USA crude by China had been floated.

While short-term effects might be mild, the impact of US tariffs on China's trade may be gradually revealed as time passes and more tariffs on Chinese goods threatened by the United States take effect, it noted.

The taxes were the second tranche of a planned $50 billion package that began on July 6 when the United States slapped duties on $34 billion in Chinese goods, provoking a dollar-for-dollar response from Beijing.

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.

In July, the Chinese trade surplus with the USA dropped three percent, reports South China Morning Post.

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Wednesday's data also revealed a more balanced trade picture, with China's imports jumping 20.9 percent to reach 1.21 trillion yuan in July.

China fired back warning it would impose duties on $60 billion in U.S. goods. The $16 billion taxed in the latest round brings the total amount of Chinese goods taxed up to $50 billion. While there's no major risk of the world lapsing into "damaging stagflation", the possibility remains of a "bigger blow-up" that sharply reduces trade, as in the 1930s, it said.

The United States and China implemented tariffs on $34billion worth of each other's goods in July.

After a strong start to the year, growth in the world's second-largest economy cooled slightly in the second quarter, partly hit by the government's years-long efforts to tackle debt risks.

Among the products removed from the earlier list on $16 billion of imports were shipping containers, including those used by freight companies.

Economists say China appears to be taking a more hands-off approach to the yuan, which marked its worst 4-month fall on record between April and July and has provided some reprieve for exporters in the face of the rising trade tensions.

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