China places tariffs on another $16B worth of U.S. goods

The US levied 25% duties on $34 billion in Chinese goods on 6 July, prompting swift in-kind retaliation from Beijing. And President Donald Trump has threatened to impose tariffs on virtually everything China sells to the United States.

But China exports far more to the United States than the other way round, making it more challenging for the country to hit back against U.S. tariffs.

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

China, on the other hand, argues that the tariffs violate World Trade Organization rules and only harm both countries.

That was in response to the latest United States threat to slap duties on US$200 billion of Chinese goods, and to raise those tariffs from 10 per cent to 25 per cent.

China has already retaliated with duties of its own, and has pledged to match the United States dollar-for-dollar with new tariffs, including on the next $16 billion.

A US-China trade war will reduce global output by 0.7 percent by 2020, with China's economy taking a 1.3 percent hit and US GDP dropping 1 percent, Oxford Economics said in a research note Tuesday, before the new list was released.

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The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed that "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce". There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs. China has vowed to retaliate with equivalent tariffs against any US action.

May 29: The White House announces the tariffs on $50 billion of Chinese goodswill move forward, with the final list of goods released June 15. Schneider National Carriers Inc. and other firms testified during a hearing July 24-25 in Washington that there are no U.S. manufacturers and that the containers are nearly exclusively made in China. The move appears to wreck the nascent trade deal.

June 18: Trumpthreatens a 10% tariff on another $200 billion worth of Chinese goods.

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

Washington imposed 25% duties on $34bn (£26.3bn) of Chinese goods on 6 July in response to those complaints.

August 3: China announces that the country will impose tariffs of various rates on another $60 billion worth of United States goods if Trump moves forward with his latest threat.

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