US finalises next China tariff list targeting $16 billion in imports

US finalises next China tariff list targeting $16 billion in imports

US finalises next China tariff list targeting $16 billion in imports

China and the United States are locked in an increasingly bitter trade war, with Washington set to begin collecting 25 percent tariffs on another $16 billion in Chinese goods on August 23, the latest move by President Donald Trump to put pressure on Beijing to negotiate trade concessions.

The next shoe to drop is 25% tariffs on $200 billion in goods that could come as soon as Sept 6 when a comment period ends.

During the opening hour of trade, the Dow Jones Industrial Average was down almost 40-points to 25,589 and tech-heavy Nasdaq Composite lost around 12-points to 7,871.

The move had been widely expected but with China lining up retaliatory measures it reinforced the worry that the two sides are heading for an all-out trade war that could hammer the global economy.

The 25 percent tariffs also will apply to a broad range of Chinese electronics, plastics, chemicals and railway equipment that the Office of the U.S. Trade Representative (USTR) has said benefit from the "Made in China 2025" industrial plan, aimed at making China competitive in high-technology industries. China has vowed to retaliate to an equal degree.

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

In March 2018, the USTR had released the findings of its "exhaustive" Section 301 investigation that found China's acts, policies and practices related to technology transfer, intellectual property, and innovation are "unreasonable and discriminatory and burden U.S. commerce".

It is the second time the United States has slapped tariffs on Chinese goods, despite persistent warnings by American businesses it will raise the price of goods for consumers.

The world's two biggest economies are locked in a trade dispute.

Meanwhile, uncertainty remains as to whether the USA will follow through with threats of tariffs on $200 billion of Chinese imports, which were proposed in July.

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