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

But it held off on a final $16 billion as a result of concerns raised by USA companies.

Mr. Trump has continued to portray tariffs on foreign imports as good for the country, even as many Republicans and traditionally right-of-center groups preach their ills.

It's the latest salvo in their tit-for-tat trade battle.

The Trump administration announced today that it would impose 25 per cent tariffs on imports of 279 items from China amounting to United States dollars 16 billion.

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.

Last week Trump threatened to jack up the tariff rate on the next $200 billion in Chinese imports it plans to target to 25 percent, from the previously stated 10 percent.

According to the U.S. Trade Representative's office on Tuesday...16-billion worth of Chinese imports will be subject to 25 percent tariffs starting August 23rd.

Over the weekend, Trump said he had the upper hand in the trade war, while Beijing responded through state media by saying it was ready to endure the economic fallout. For instance, the major complaint is about the theft of United States intellectual property by Chinese firms. On Tuesday, the administration said it had chose to go ahead with tariffs on 279 of the 284 items added in June; they're worth about $16 billion a year.

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Economists warn that a prolonged trade war between China and the U.S. could end up increasing prices for American consumers and hurting USA businesses.

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

March 1: President Donald Trump announcestariffs on all imports of steel and aluminum, including metals from China. Chinese imports of goods and services into the United States past year amounted to almost $524 billion.

April 3: The US trade representativeannounces a list of Chinese goodssubject to the tariffs.

April 4: China rolls out a listof more than 100 USA goods worth roughly $50 billion that are subject to retaliatory tariffs. The move appears to wreck the nascent trade deal.

A first tranche, on $34bn worth of goods, went into effect in July.

China has already retaliated against the United States with its own tariffs and proposed others if Washington goes ahead with all its threats.

"We have made the case to the [Trump] 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", SIA's chief executive John Neuffer said.

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