China To Slap Additional Tariffs On $16 Billion Worth Of US Goods

China To Slap Additional Tariffs On $16 Billion Worth Of US Goods

President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than US$500 billion a year ago.

The tariff will mostly apply to industrial equipment, like tractors and chemicals.

Oil prices slumped Wednesday after Beijing announced it would retaliate against the Trump administration with a 25% tariff on another $16 billion worth of U.S. exports to China, including oil products.

The tariffs will be activated on August 23, the ministry said, the same day that the United States plans to begin collecting 25 per cent extra in tariffs on $16 billion U.S. in Chinese goods.

It's the latest salvo in their tit-for-tat trade battle. In response, China has threatened up to 25 per cent tariffs on US$60 billion in American imports.

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After complaints by Chinese leaders, Trump agreed to reverse a US enforcement action that would have caused ZTE, a prominent state-owned telecom company, to go out of business.

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The surplus with the United States was higher than China's overall trade surplus in July, which was $28.05 billion, indicating China ran a net trade deficit with the world excluding the U.S. But it held off on a final $16 billion as a result of concerns raised by USA companies.

The Trump administration has the wrong view on trade, and its protectionist measures will take their toll on American manufacturers, farmers and consumers, Donald J. Boudreaux, a professor of economics at George Mason University, told Xinhua in a recent interview.

"We're in a little bit of a fight with China right now", Trump said, before adding that the two nations would end up with a "fantastic trading relationship".

This latest round makes good on the president's promise in June to impose a 25% tariff on $50 billion in Chinese goods.

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.

"My expectation is that U.S. tariffs on $250 billion of imports from China will be in effect about a month prior to the November U.S. elections".

May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs. See the list of the 279 products affected online. The move appears to wreck the nascent trade deal. This round had proposed a 10% tariff, though President Trump has successfully lobbied for this too to raise to 25%.

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