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


The United States has announced it will impose 25 percent tariffs on another 16 billion US dollar's worth of Chinese imports, starting in two weeks.

A spokesman for the commerce ministry described the latest round of USA tariffs as "very unreasonable".

They appear far from a resolution. and according to US local news outlets, the USTR is reviewing the 10 percent tariffs on a further 200-billion USA dollars of Chinese imports...and is considering raising the rate to 25 percent.

China fired back warning it would impose duties on $60 billion in United States goods.

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

Mr Trump has said he would be willing to hit all of China's imports with duties.

ANZ senior China economist Betty Wang said Beijing will likely resist using its closely managed currency as a tool in the trade war. "Of course, China will retaliate, probably dollar for dollar", Hufbauer said.

China's prohibitive import tariff, which amounts to close to $18 a barrel when crude is at $70, should also deter other Chinese buyers such as state-owned companies Petro China, as well as state-controlled Zhenhua Oil and independent refiners, from importing USA crude.

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Analysts still expect a less favorable overall trade balance for China in coming months given it's early days in the tariff brawl.

World financial markets have taken a battering in recent months as fears grow that Trump's "America First" policies could derail a global economic revival.

The US says the tariffs are to penalise China for "unfair" trade practices. "Additional trade war bickering could destroy the business models for many vehicles". And Mr. Trump has threatened to impose tariffs on virtually everything China sells to the United States.

China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from US companies.

The latest commentary from state media on Wednesday took a softer line after resorting to personal attacks against Trump earlier in the week, saying China could get through the storm but refrained from directly mentioning the USA president.

In the meantime, it sought public comment on the new items.

The Trump administration ramped up the pressure for trade concessions from Beijing last week by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports.

The US will impose a 25% tariff on $16 billion worth of Chinese goods starting August 23.