China strikes back against latest US tariffs, targeting another $16 billion worth of imports
From WN
China’s commerce ministry announced on Wednesday it would start imposing a 25% import duties on $16 billion worth of goods from the United States amid the escalating trade feud between the two countries, according to The Washington Post.
The latest countermove from Beijing will take effect immediately after Washington imposes tariffs on the same amount of Chinese goods on August 23.
The latest list of imports from the U.S. affected by the taxes includes coal, cars, motorcycles, various fuels, fiber optic cables, vaseline, asphalt, and plastic products.
“This is tit-for-tat exactly,” said Art Hogan, chief market strategist at B. Riley FBR. “Our $16 billion comes at a scheduled time, which comes up on the 23rd. China said we see your $16 billion and we’ll match your $16 billion.”
“They’ll pretty much match what we do until they have no more levers to pull. The bad news is the trade war fears in China are escalating. The major concern right now in trade is China,” Hogan said.
The Trump administration imposed duties of 25% of Chinese imports worth $34 billion earlier this summer in July.
The White House has also said it’s still considering another round of tariffs on $200 billion worth of Chinese goods which could go into effect in September.
Beijing has promised to retaliate against that move in the trade war with more tariffs on another $60 billion of American imports.
Beijing also reported a $28.1 billion trade surplus with the U.S. in July, below the previous record of $28.9 billion set in June, but the amount was 11% higher than July 2017.
President Donald Trump first announced new tariffs on steel and aluminum imports in January to help negotiate for “fair, bilateral trade deals that bring jobs and industry baThe senseless trade war and tariffs are actively hurting workers across the country. And now we have more jobs lost…https://t.co/30u46qj0YX
China has announced plans to put tariffs of 25% on US products worth $16 billion, the latest move in an escalating…https://t.co/8cUBer8tHD
His administration imposed the first tariffs on China in March and Beijing responded in April, beginning a series of escalating moves between the two that has affected $37 billion worth of imports into China and the U.S.
Trump tweeted last month that China was “being vicious” on trade and was “targeting our farmers” as a means “of getting me to continue allowing them to take advantage of the U.S.”
The Chinese Ministry of Commerce said they had to retaliate against the U.S. tariffs in order “to defend the nation’s dignity.”
–WN.com, Maureen Foody
For more on this story go to: https://article.wn.com/view/2018/08/08/China_Strikes_Back_Against_Latest_US_Tariffs_Targeting_Anoth/
