Trump administration announces $22b in fresh tariffs on China

An earlier round of tariffs that went into effect on July 6 applied to $34 billion in imports.

Just last week, China's Unipec, the trading arm of state oil major Sinopec, suspended crude oil imports from the United States due to the growing trade spat between Washington and Beijing.

However, President Trump is also engaged in trade disputes with other countries, such as Canada and Mexico, and has imposed separate tariffs on items that include steel and aluminium, washing machines and solar panels. China responded by promising to hit $60 billion worth of U.S. goods coming into the country with tariffs. Since then, Washington and Beijing have raised the stakes by threatening more punitive trade measures in an intensifying dispute that has rattled financial markets anxious about the impact on investment and growth.

The Chinese government responded and said Beijing will also slap additional import tariffs of 25% on $16 billion worth of USA goods ranging from oil and steel products to autos and medical equipment. But it was 11 percent higher than in the same month a year ago.

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..." However, analysts still expect a less favourable trade balance for China in coming months given it's early days in the tariff brawl.

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Trade Representative Lighthizer "to identify $200 billion worth of Chinese goods for additional tariffs at a rate of ten percent". It raises the stakes after Donald Trump's initial tariffs on 34 billion in goods last month with Beijing hitting back in kind.

The government has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy. Its imports from the US rose 11.8 percent in the same period.

The trade balance between the two countries, which is at the center of the tariffs tussle, continued to be in favor of China.

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. The number of categories of goods subject to tariffs rose to 333 from 114 in the June draft, although the total value is unchanged.

The latest charge comes after the USA said it would implement another round of tariffs on $16 billion worth of Chinese goods.

But there seems no solution at sight as the Trump administration prepares for tariffs of up to 25 per cent on an additional Dollars 200 billion in Chinese products. China's exports to the United States fell by 2.5 percent to $41.5 billion month-on-month, while imports of U.S. goods plunged 1.5 percent to $13.4 billion, according to data from General Administration of Customs on Wednesday, as quoted by the media.

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