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

Trump going ahead with tariffs on $16B in Chinese imports

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.

Chinese exports accelerate as US prepares new tariffs
July 10: TheUS releases an initial listof an additional $200 billion worth of Chinese goods that could be subject to a 10% tariff. The US and China have been trying to restart high-level talks that broke off after Trump followed through on his tariff threats.

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.

Related News:



Most liked

Georgia Hall holds nerve in back-nine shoot-out to win first major
Playing in the final group with Rory McIlroy, the 25-year-old Thomas never let anyone closer than two shots of the lead. Georgia was born during the 1996 Masters won by English golfer Nick Faldo at Augusta, Georgia.

Oil rises after OPEC sources say Saudi crude output fell
The Foreign Ministry of China stated on Wednesday that China vehemently opposes the unilateral sanctions from the U.S. on Iran. USA sanctions on Iran's energy sector are set to be re-imposed after a 180-day "wind-down period" ending on November 4.

Did Nintendo Just Kill Luigi for Super Smash Bros. Ultimate?
Squad Strike: A team battle mode similar to what's actually found in Street Fighter V: Arcade Edition . Players will also be given the chance to morph into a 2nd character mid-battle.

Iran vows to continue oil exports despite Trump's threats
Iranian Foreign Minister Mohammad Javad Zarif branded as doomed to fail the USA attempt of stopping Tehran from exporting oil. Rouhani said in the current situation, the friendly countries should stand beside each other and expand relations.

Mosquitoes Test Positive For West Nile In Wethersfield
In North America, that means that mosquito season - extending from the late spring through the fall - is West Nile season. By the end of mosquito season in October, 26 Dallas County residents had reported infections, leading to two deaths.

Hector Enters Central Pacific as Category 4 Hurricane
It was centered about 1,525 miles (2,455 kilometers) east of Hilo, Hawaii and was moving toward the west at 12 mph (19 kph). Hawaii emergency officials are keeping track of a hurricane that's expected to pass to the south of the islands this week.

Estonian descendant Nicole Aunapu Mann selected for American space flights
The spacecraft will dock and undock autonomously to the space station before flying their crew back to Earth. In 2013 and 2014, Hopkins spent almost six months aboard the ISS, logging almost 13 hours of spacewalks.

Ford officially unveils Ontario's buck-a-beer plan
Barley Days Brewery General Manager Kyle Baldwin says they hope to be offering a case of 24 beers for $24 soon. In the meantime, there are already plenty of beers that sell for cheap in Ontario.

Indonesia natural disaster death toll rises to more than 345
The Bali and Lombok airports continued operating on Sunday night, according to the director general of civil aviation. Global charity Oxfam said drinking water was scarce because of a recent spell of extremely dry weather in Lombok.

Takeaways from day six of the Paul Manafort trial
Downing outlined how Gates gave false and misleading information to the special counsel after he had entered his plea agreement. Gates struggled so badly to give a straight answer that eventually Judge T S Ellis III was forced to intervene.

Rep. Chris Collins Arrested by Federal Bureau of Investigation for Securities Fraud
Collins' lawyers noted in a statement that the government has not said the congressman traded any shares of the stock. He was one of the first members of Congress to officially endorse Donald Trump for president.

Angelina Jolie Alleges That Brad Pitt Has Not Paid Enough Child Support
In 2006, Pitt adopted Jolie's children, Maddox and Zahara , both of whom were adopted by Jolie prior to their marriage. Meanwhile, a second source tells ET, " Brad always fulfills his commitments" when it comes to his children.

Barcelona Agree Deal For Manchester United Ace, His Days Are Numbered
United were beaten 1-0 by Bayern at the Allianz Arena, five days before their Premier League campaign begins at home to Leicester. The Manchester United midfielder became a world champion following a string of excellent performances in Russian Federation .

German couple convicted for selling son online for sex
The boy, who was nine when the trial began in June, was repeatedly sexually abused by Spanish paedophile Javier Gonzalez Diaz. Video footage catalogued the horror of the boy's abuse, which included him being tied up and subjected to verbal humiliation.

Woman helps man short on cash, discovers he's Keith Urban
The singer thanked Reed and said his name was Keith, prompting Reed to comment on his resemblance to Keith Urban. Reed says she hopes her story will help people realize the importance of doing acts of kindness.