United States to impose $16 billion import tariffs on China

08 August, 2018, 23:14 | Author: Eric Barnett
  • Trump going ahead with tariffs on $16B in Chinese imports

The United States will begin collecting 25 percent tariffs on another $16 billion in Chinese goods on August 23, the U.S. Trade Representative's office said on Tuesday as it published a final tariff list targeting 279 imported product lines.

Washington had already imposed tariffs on United States dollars 34 billion on July 6 but held off on a final USD 16 billion in goods as a result of concerns from U.S. companies.

Nearly 300 Chinese goods face United States import taxes of 25 per cent from August 23, including tractors, motorcycles and semiconductors.

So far, China has now either imposed or proposed tariffs on $110 billion of US goods, representing the vast majority of its annual imports of American products.

China's surplus with the U.S. shrank marginally to $28.09 billion last month from a record $28.97 billion.

For its part, China has threatened to ratchet up the tit-for-tat trade war by slapping tariffs on another $60bn of American imports.

The latest commentary from state media on Wednesday took a softer line after resorting to personal attacks against Trump earlier in the week, saying China could get through the storm but refrained from directly mentioning the US President.

At the same time, Beijing reported a $28.1bn trade surplus with the U.S. in July, just below the record $28.9bn seen in June. While there's no major risk of the world lapsing into "damaging stagflation", the possibility remains of a "bigger blow-up" that sharply reduces trade, as in the 1930s, it said.


The tariffs are aimed at industrial, rather than consumer, imports.

It will be the second time the U.S. slaps duties on Chinese goods in about the past month, despite complaints by American companies that such moves will raise business costs and eventually consumer prices.

Analysts from Oxford Economics have predicted that China's GDP growth may slow to 6.4 per cent this year, from 6.9 per cent in 2017, as the effects of the trade war weigh.

The latest $16 billion list from the United States will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea.

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

USTR said there were 279 new goods to be targeted in the latest round of tariffs.

UBS Wealth Management CIO Mike Ryan on a new study on US business owners' views about the economy and tariffs.

China's prohibitive import tariff, which amounts to close to $18 a barrel when crude is at $70, should also deter other Chinese buyers such as state-owned companies Petro China, as well as state-controlled Zhenhua Oil and independent refiners, from importing US crude.

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