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

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

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

The U.S. levied 25 per cent duties on US$34 billion in Chinese goods on July 6, prompting swift in-kind retaliation from Beijing.

The move is the latest escalation of President Donald Trump's trade war with China. For instance, the major complaint is about the theft of United States intellectual property by Chinese firms.

China's announcement came just a day after the U.S. Trade Representative's office released a finalized list of $16 billion worth in Chinese goods that will be hit with tariffs, effective August 23.

While trade tensions are being ratcheting up, China's trade surplus with the USA stood at US$28.1 billion in July, close to the record-high in June, data released Wednesday showed. Year-on-year, the growth of China's exports to the United States slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.

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

The United States has announced it will impose 25 percent tariffs on another 16 billion US dollar's worth of Chinese imports, starting in two weeks.

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.

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The Chinese counter-move will take effect immediately after the U.S. imposes tariffs on the same amount of Chinese goods on 23 August.

China has already retaliated with duties of its own, and has pledged to match the United States dollar-for-dollar with new tariffs, including on the next $16 billion.

The latest $16 billion list from the United States will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea.

China has already retaliated with duties of its own, and has pledged to match the USA dollar for dollar with new tariffs.

John Neuffer, president and CEO of the Semiconductor Industry Association, said in a statement they were disappointed and puzzled why semiconductors remain on the final tariff list.

The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed that "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce".

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