Trump administration announces $22b in fresh tariffs on China

On Tuesday, the Trump administration unveiled its own list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs. Chinese data on Wednesday showed exports to the USA rose 13.3% in July to $41.5 billion against a year ago. Washington has long criticised China's trade surplus with the United States and has demanded Beijing cut it.

"We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than U.S. tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation".

Chinese imports of goods and services into the United States previous year amounted to almost $524 billion. For instance, the major complaint is about the theft of United States intellectual property by Chinese firms.

The first tariffs were imposed in March and China responded in April.

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

For its part, China has threatened to ratchet up the tit-for-tat trade war by slapping tariffs on another $60bn of American imports.

The step brought the total worth of Chinese goods facing a 25 percent tariff to $50 billion. So far, despite the rhetoric, only $37bn worth of imports into China and the USA have actually been affected.

Trump is losing the trade war, according to his favourite measure
China immediately expanded its own list of types of USA products to be tariffed, including farm products, cars and crude oil. A lot of Republicans in Congress will tell you that they support President Donald Trump but disagree with him about trade.

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.

ANZ senior China economist Betty Wang said Beijing will likely resist using its closely managed currency as a tool in the trade war.

China's exports soared in July, showing little impact from USA tariffs, as Washington finalises more duties on Chinese imports.

In the meantime, it sought public comment on the new items.

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

"Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around", the commentary 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 chipmakers, not China's, and will do nothing to stop China's problematic and discriminatory trade practices", he said.

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