Trump vows to impose tariffs on more Chinese goods

08 August, 2018, 18:29 | Author: Orlando Hughes

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.

Washington imposed 25% duties on $34bn (£26.3bn) of Chinese goods on 6 July in response to those complaints.

Negotiations broke off after the Trump administration imposed the tariffs on $34 billion in Chinese imports, a move the Chinese said would void any promises they'd made in negotiations.

Customs officials will begin collecting the border tax August 23, the Office of the U.S. Trade Representative says.

Chinese imports of goods and services into the United States past year amounted to almost $524 billion.

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

The Trump administration has accused China of unfair trade practices, and President Donald Trump has long vowed to bring down the United States' trade deficit in goods with Beijing.

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The world's two biggest economies are caught up in a trade dispute over Washington's allegations that China uses predatory tactics, including outright cybertheft, in a drive to supplant USA technological supremacy.

After Liu visited Washington later that month, the nations released a joint statement pledging to reduce the USA trade deficit with China, among other things.

A US-China trade war will reduce global output by 0.7% by 2020, with China's economy taking a 1.3% hit and US GDP dropping 1%, Oxford Economics said in a research note on Tuesday, before the new list was released.

After a strong start to the year, growth in the world's second-largest economy cooled slightly in the second quarter, partly hit by the government's years-long efforts to tackle debt risks.

China's imports rose 27.3 percent year-on-year in July, in a sign domestic demand remains solid, but the worry is that the escalating Sino-U.S. trade war, rising corporate bankruptcies, and a steep decline in the yuan could put a significant dent on the economy.

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

The investigation had revealed that China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from U.S. companies and it deprives United States companies of the ability to set market-based terms in licensing and other technology-related negotiations. Beijing is expected to hit $16 billion worth of USA goods with equal tariffs in response to Tuesday's move.

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