First round of U.S. tariffs on Chinese goods to hit $50B - USTR

Trump to dine with business leaders at New Jersey resort amid trade row

Trump to dine with business leaders at New Jersey resort amid trade row

China has been retaliating in kind.

The Trump administration announced an expected second, $16 billion tranche of tariffs on Chinese goods Tuesday, bringing the total amount of Chinese exports subject to new USA tariffs to $50 billion.

The 25 percent tariffs will go into effect August 23, targeting cars, crude oil, natural gas and coal.

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.

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June 15: Trump rolls out thefinal list of goods subject to new tariffs.

Washington had already imposed tariffs on Dollars 34 billion on July 6 but held off on a final USD 16 billion in goods as a result of concerns from United States companies. After Liu visited Washington later that month, the nations released a joint statement pledging to reduce the US trade deficit with China, among other things.

The tit-for-tat protectionist measures are poised to surge even higher, with the USA reviewing 10 per cent duties on a further US$200 billion in Chinese imports that it may even raise to 25 per cent after a comment period ends on Sept 6.

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". Unipec and Sinopec are Asia's largest refiner and biggest buyer of USA oil. The move comes as retaliation for the United States placing $16 billion in tariffs on Chinese goods.

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

Gary Hufbauer, a senior fellow and trade expert at the Peterson Institute for International Economics in Washington, said he expected that there would be little to stop further escalation of the U.S.

The dispute over tariffs has continued to escalate as both sides exchange threats.

But China exports far more to the United States than the other way round, making it more challenging for the country to hit back against U.S. tariffs. That's soon enough to be used by Trump as a rallying argument, but late enough so that adverse effects will not occur before January 2019.

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Washington applied a 25% tariff on Chinese imports including airplane tires and various industrial parts. It would likely have to impose penalties on US companies doing business in China to make up the difference.

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