China to impose additional tariffs on $16B worth of USA goods

The White House reportedly had a private meeting with tech industry representatives last week.                  Daniel Terdiman  CNET

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

The Chinese Ministry of Commerce announced a 25 percent charge on $16 billion worth of USA goods including coal, grease, Vaseline, asphalt and plastic products, and recyclables.

In a statement on its official website late on Wednesday, China's commerce ministry criticized the us move as being "unreasonable", saying it had no choice but to adopt the same measure on an equal amount of American goods ranging from fuel and steel products to autos and medical equipment.

China's Commerce Ministry called the US decision to place the latest round of tariffs on Chinese goods "unreasonable", and said it chose to take counter measures, matching the tariffs in percentage and value. The Chinese list covers coal, oil, chemicals and some medical equipment.

The tit-for-tat protectionist measures are poised to surge even higher, with the U.S. reviewing 10 per cent duties on a further US$200 billion in Chinese imports that it may even raise to 25 per cent after a comment period ends on Sept 6.

China, however, would run out of US imports to levy, as it bought only $130 billion worth of American goods past year.

Tesla shares dip after Elon Musk proposes going private
Other board members mentioned in the statement included Robyn Denholm, Ira Ehrenpreis, Antonio Gracias and Linda Johnson Rice. Midway through the trading session in NY on Wednesday, Tesla shares were down 5% at $374 after surging 11% on Tuesday.

The office said the move is part of the US response to China's unfair trade practices related to the forced transfer of American technology and intellectual property.

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.

China's payback presents its own challenges. President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion past year. China's exports to the USA fell by 2.5 percent to $41.5 billion month-on-month, while imports of United States goods plunged 1.5 percent to $13.4 billion, according to data from General Administration of Customs on Wednesday, as quoted by the media.

Farmers for Free Trade in the US (FFF) has said American farmers are already seeing market disruption, and that the trade disputes "could cost billions of dollars to the already-stressed food and agricultural sector in the US".

The United States and China implemented tariffs on $34billion worth of each other's goods in July.

Economists say China appears to be taking a more hands-off approach to the yuan, which marked its worst 4-month fall on record between April and July and has provided some reprieve for exporters in the face of the rising trade tensions.

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