China's trade growth weathers U.S. tariff headwinds

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

Chinese imports worth $34 billion would be subject to the new 25% tariff as of July 6, with another $16 billion worth of imports subject to the tariff at a later date.China retaliateswith an equivalent set of tariffs.

China is imposing additional tariffs of 25 per cent on $16 billion United States worth of USA imports from fuel and steel products to autos and medical equipment, the Chinese commerce ministry said, as the world's largest economies escalated their trade dispute. An earlier round of tariffs that went into effect on July 6 applied to $34 billion in imports.

US President Donald Trump started announcing new tariffs on imports in January as part of an attempt to negotiate what he called "fair, bilateral trade deals that bring jobs and industry back onto American shores". President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion previous year.

However, the USA imports far more from China than it exports to it, meaning Beijing may at some point need to look for other means of retaliation.

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 United States government in July. That was off slightly from June's 13.6% rate but still stronger than China's global export growth.

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The worry is that the escalating Sino-U.S. trade war, rising corporate bankruptcies, and a steep decline in the value of the yuan versus the dollar could put a significant dent on the economy. They will take effect on August 23.

All China's main state newspapers published a lengthy commentary by the official Xinhua news agency, entitled "declaration", on their front pages.

To compensate for the gap on its tariff list caused by the exclusion of crude oil, China added fish meal, wood waste, paper and paper waste, metal scraps, and various types of bicycles and cars, among other products.

April 4: China rolls out a listof more than 100 U.S. goods worth roughly $50 billion that are subject to retaliatory tariffs.

In a statement, the Chinese Commerce Ministry charged that the United States "once again put domestic law above worldwide law by imposing "very unreasonable" new tariffs on Chinese goods".

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