China places tariffs on another $16B worth of United States goods

China places tariffs on another $16B worth of United States goods

China places tariffs on another $16B worth of United States goods

The two sides have shown no signs of letting up, with the US earlier Wednesday saying it will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on August 23, and Chinese media resorting to personal attacks against Trump earlier in the week.

Washington imposed 25% duties on $34bn (£26.3bn) of Chinese goods on 6 July in response to those complaints.

The new set of measures are the second tranche of tariffs that President Donald Trump originally announced in March, following tariffs imposed on $34 billion worth of Chinese imports that went into effect in early July.

The Chinese counter-move will take effect immediately after the United States imposes tariffs on the same amount of Chinese goods on 23 August.

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China's exports growth unexpectedly accelerated in July despite fresh USA tariffs, while its trade surplus with the United States remained near record highs as Beijing and Washington ramped up a bitter dispute that has rattled financial markets.

China's closely watched surplus with the United States dipped only slightly to $28.09 billion last month from a record $28.97 billion in June.

Trump's mission to reduce the U.S. trade deficit via the threat of tariffs has brought him into conflict with China as well as U.S. allies, roiling financial markets and raising fears of a global trade war the International Monetary Fund has warned may undermine the strongest economic upswing in years.

"With each successive round of tariffs, Trump continues to back China into a corner, forcing Beijing to respond in kind", said James Zimmerman, a partner in the Beijing office of global law firm Perkins Coie and a former chairman of the American Chamber of Commerce in China.

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Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation.

Crude shipments came in at 36.02 million tonnes last month, or 8.48 million barrels per day, up from 8.18 million bpd a year ago, and just up on June's 8.36 million bpd, data from the General Administration of Customs showed.

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

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..."

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"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.

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