Chinese exports accelerate as US prepares new tariffs

Cars to be exported are seen at a port in Lianyungang Jiangsu province China

The Trump administration announced today that it would impose 25 per cent tariffs on imports of 279 items from China amounting to Dollars 16 billion.

The tranche of 25 per cent tariffs - which covers 279 products including electronic parts, plastics, chemicals, batteries, tractors and railway cars - follows $US34 billion worth of tariffs announced by the USA government in July.

The US and China have been trying to restart high-level talks that broke off after Trump followed through on his tariff threats.

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

April 3: The US trade representativeannounces a list of Chinese goodssubject to the tariffs.

The tariff will mostly apply to industrial equipment, like tractors and chemicals.

A US-China trade war will reduce global output by 0.7% by 2020, with China's economy taking a 1.3% hit and US GDP dropping 1%, Oxford Economics said in a research note on Tuesday, before the new list was released.

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

It has not yet given a date for its previously announced retaliatory tariffs on $16 billion in U.S. goods, which will target commodities such as crude oil, natural gas, coal and some refined oil products.

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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. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs.

China's surplus with the United States shrank marginally to $28.09 billion last month from a record $28.97 billion in June.

May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs. The finalized list of goods affected includes 279 items.

Imports also rose much faster in July thanks to still solid domestic demand, official data showed on Wednesday, with purchases of commodities like copper and iron ore rising from June.

July 10: TheUS releases an initial listof an additional $200 billion worth of Chinese goods that could be subject to a 10% tariff.

It will be the second time the United States slaps duties on Chinese goods in about the past month, despite complaints by American companies that such moves will raise business costs and eventually consumer prices.

The US will begin imposing 25% duties on an additional $16 billion in Chinese imports in two weeks, escalating a trade war between the world's two biggest economies.

China's exports growth unexpectedly accelerated in July despite fresh US 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.

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