Trump vows to impose tariffs on more Chinese goods
08 August, 2018, 20:52 | Author: Sally Reid
Nearly 300 Chinese goods face U.S. import taxes of 25 per cent from August 23, including tractors, motorcycles and semiconductors.
The list of U.S. imports affected by the taxes includes coal, oil, chemicals and some medical equipment.
President Trump is set to impose steep tariffs on a further $16 billion of Chinese exports this month, escalating the fierce trade dispute between the world's two largest economies.
It has not yet given a date for its previously announced retaliatory tariffs on $16 billion in USA goods, which will target commodities such as crude oil, natural gas, coal and some refined oil products.
Trump, who has boasted that trade wars are "easy to win", has threatened to ramp up the pressure and slap tariffs on virtually all of China's exports to the United States if Beijing does not back down and take steps to reduce the $335 billion U.S. trade deficit with that country.
The total could increase soon.
Trump has threatened to levy a 25% tariff on an additional $200 billion worth of Chinese imports to the U.S. - a move that would blow open the disagreement between the countries. Those duties could be in place after a comment period ends on 6 September. US President Donald Trump accused Beijing of "being vicious" on trade, stressing that Chinese measures were targeting US farmers on goal.
Still, there's little sign the trade threat is hurting shipments just yet.
China's exports surged more than expected in July despite fresh USA duties and its closely watched surplus with the United States remained near record highs, as Washington finalised its new tariff list in a bitter dispute that some fear could derail global growth. 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.
U.S Customs will begin collecting duties on 279 product lines ranging from motorcycles to steam turbines and railway cars, the US Trade Representative's Office said in an emailed statement on Tuesday. 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. But it held off on a final $16 billion as a result of concerns raised by United States companies. He further added that his refinery had cancelled US crude imports and would switch to Middle East or West African supplies instead. Also removed were splitting, slicing or paring machines.
The first tariffs were imposed in March and China responded in April.
The two sides held three rounds of formal talks, beginning with a delegation to Beijing led by Mnuchin in May. Tariffs would make USA oil uncompetitive in China. But within days, Trump himself backed away from the deal, saying talks would "probably have to use a different structure".
June 18: Trumpthreatens a 10% tariff on another $200 billion worth of Chinese goods.
President Trump had repeatedly expressed discontent over the USA trade deficit with China, accusing the country of unfair trade practices, intellectual property theft, currency manipulation, and of providing state aid to Chinese firms.
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