USA tariffs on China: Trump administration adds $16 billion

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

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

The Trump administration announced today that it would impose 25 per cent tariffs on imports of 279 items from China amounting to United States dollars 16 billion. An earlier round of tariffs that went into effect on July 6 applied to $34 billion in imports.

June 15: Trump rolls out thefinal list of goods subject to new tariffs.

It has not yet given a date for its previously announced retaliatory tariffs on $16 billion in US goods, which will target commodities such as crude oil, natural gas, coal and some refined oil products.

China is turning the heat up in the trade war by placing $16 billion in tariffs against a variety of American exports, including automobiles and motorcycles, according to NBC News.

"This is a very unreasonable practice", the Chinese commerce ministry said of the us action on Wednesday as it rolled out China's counter-tariffs.

The world's two biggest economies are locked in a trade dispute over Washington's charges that China uses predatory tactics in a drive to supplant US technological supremacy. "The risk is that the U.S. administration's gamble to strong-arm China into giving into all United States demands without some compromise only leads to successive rounds of higher and higher tariffs".

In the meantime, it sought public comment on the new items. Because "Texas is on the front line of the dispute", he said, with energy companies being squeezed by tariffs on all sides.

The Office United States Trade Representative (USTR) announced the tariffs in a statement released on Tuesday afternoon US time.

"Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around", the commentary said.

So far, financial markets have shrugged off the first round of trade duties. "Of course, China will retaliate, probably dollar for dollar", Hufbauer said. Analysts had forecast 10 per cent.

"This is a very unreasonable practice", the Chinese commerce ministry said of the USA action on Wednesday as it rolled out China's counter-tariffs. The financial pain so far has been felt by individual companies or industries - and their workers - rather than by either the overall US or Chinese economy.

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