Published: Wed, August 08, 2018
Global Media | By Jackie Banks

China to put 25% tariffs on $16 billion worth of USA products

China to put 25% tariffs on $16 billion worth of USA products

China will impose tariffs on an additional $16 billion worth of USA products, officials announced Wednesday, marking the latest parry in an escalating trade war between the two countries.

The duties are part of a broader round of tariffs on $50bn worth of goods the USA announced in March.

Customs officials will begin collecting the border tax August 23, the Office of the U.S. Trade Representative said.

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 USA technological supremacy.

"Looking ahead, 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", Capital Economics' Senior China Economist Julian Evans-Pritchard wrote in a note.

Chinese state media, reflecting the government's stance, has said China will not be cowed in the face of USA threats. China responded by promising to hit $60 billion worth of U.S. goods coming into the country with tariffs.

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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. Washington has long criticized China's trade surplus with the United States and has demanded Beijing cut it.

"There is no off-ramp, and Trump has given China little wiggle room to save face and come to the bargaining table", he said.

This is part of the US' response to China's "unfair trade practices" related to the forced transfer of American technology and intellectual property, the US Trade Representative (USTR) said.

Negotiations broke off after the Trump administration imposed the tariffs on $34 billion in Chinese imports, a move the Chinese said would void any promises they'd made in negotiations. Last year, China imported about $130 billion of US goods.

Front page commentary published across all state newspapers by the official Xinhua news agency said: "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". Beijing, accusing the United States of trade bullying, has retaliated by imposing tariffs on an equal measure of American goods.

His administration confirmed that its trade assault would soon cover more than $50 billion of products from China.

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