China to slap additional tariffs on U.S. goods

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China to slap additional tariffs on U.S. goods

China's commerce ministry has announced that it will start imposing 25 percent import duties targeting $US16 billion ($NZ17.779bn) worth of USA goods.

The announcement came hours after US trade officials announced that the first round of President Donald Trump's punitive tariffs on China will hit $50 billion in goods starting August 23, with the addition of 279 products totaling $16 billion to the target list.

Last week, China proposed additional tariffs on another $60 billion of USA goods after Trump raised planned tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent.

China fired back with its own warning and said it would impose duties on $60 billion of USA goods.

So far, China has now either imposed or proposed tariffs on $110 billion of USA goods, representing the vast majority of its annual imports of American products. Since then, Washington and Beijing have raised the stakes by threatening more punitive trade measures in an intensifying dispute that has rattled financial markets anxious about the impact on investment and growth.

All in all, China's trade surplus with the USA shrank to $28.08 billion in July against $28.97 billion in the previous month.

US President Donald Trump has boasted that trade wars are "easy to win" and warned he would hit virtually all Chinese imports if Beijing does not back down and take steps to reduce its $335 billion surplus with the US.

July 6:The first tranche oftariffs on $34 billion worth of Chinese goodstakes effect; China responds in kind.

"We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than USA tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation".

China's July exports rose 12.2 percent from a year earlier, beating forecasts for a 10 percent increase according to the latest Reuters poll, and up from a 11.2 percent gain in June.

The United States published its final list of goods subject to the new tariffs on Tuesday.

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

The US is now considering tariffs on another $200bn in goods, including consumer products that were spared duties in the initial $50bn round.

April 4: China rolls out a listof more than 100 United States goods worth roughly $50 billion that are subject to retaliatory tariffs. Should the U.S. proceed with those tariffs, China's ready to slap duties on an additional $60 billion of American goods.

John Neuffer, president of the Semiconductor Industry Association, said: "We have made the case to the administration, in the strongest possible terms, that tariffs imposed on semiconductors imported from China will hurt America's..."

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

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