Trump administration announces $22b in fresh tariffs on China

  • Trump administration announces $22b in fresh tariffs on China

Trump administration announces $22b in fresh tariffs on China

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 US tariffs to $50 billion.

This latest round makes good on the president's promise in June to impose a 25% tariff on $50 billion in Chinese goods. An earlier round of tariffs that went into effect on July 6 applied to $34 billion in imports.

The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce". Both countries have already slapped tit-for-tat duties on $34 billion of each other's goods. Washington has long criticized China's trade surplus with the United States and has demanded Beijing cut it. China has responded with retaliatory tariffs of its own.

"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".

Thanks to the surge, the trade surplus narrowed by 42.6 percent to 176.96 billion yuan last month. The move comes as retaliation for the United States placing $16 billion in tariffs on Chinese goods.

China's exports to the United States rose 13.3 percent in the first seven months of 2018 from a year earlier, compared with a 13.5 percent rise in Jan-June.

"Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around", the commentary said. China has vowed to retaliate with equivalent tariffs against any USA action. Products being targeted now include crude oil, cars, steel and medical equipment.

April 4: China rolls out a listof more than 100 U.S. goods worth roughly $50 billion that are subject to retaliatory tariffs.

John Neuffer, president of the Semiconductor Industry Association, said: "We have made the case to the administration, in the strongest possible terms, that tariffs imposed on semiconductors imported from China will hurt America's..."

In a statement, the Chinese Commerce Ministry charged that the United States "once again put domestic law above global law by imposing "very unreasonable" new tariffs on Chinese goods".