U.S. sets date for additional $16bn in tariffs on China products

Cars to be exported are seen at a port in Lianyungang Jiangsu province China

China is imposing additional tariffs of 25 per cent on $16 billion USA worth of U.S. imports from fuel and steel products to autos and medical equipment, the Chinese commerce ministry said, as the world's largest economies escalated their trade dispute.

The U.S. levied 25 per cent duties on US$34 billion in Chinese goods on July 6, prompting swift in-kind retaliation from Beijing.

This is part of the US' response to China's "unfair trade practices" related to the forced transfer of American technology and intellectual property, the US Trade Representative (USTR) said.

"Looking ahead, we expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than USA tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation", Capital Economics' Senior China Economist Julian Evans-Pritchard wrote in a note. The $16 billion taxed in the latest round brings the total amount of Chinese goods taxed up to $50 billion. Washington has long criticized China's trade surplus with the United States and has demanded Beijing cut it.

The first tariffs were imposed in March and China responded in April. Beijing is expected to hit $16 billion worth of USA goods with equal tariffs in response to Tuesday's move.

The tit-for-tat protectionist measures are poised to surge even higher, with the United States reviewing 10 per cent duties on a further US$200 billion in Chinese imports that it may even raise to 25 per cent after a comment period ends on Sept 6.

Guardian: Russian Spy Found Working at US Embassy in Moscow
All non-American workers are vetted and employed by the State Department before being assigned work by different agencies. As a result, the duties are limited to translation, interpretation, cultural guidance and administrative support.

Mr Trump has said he would be willing to hit all of China's imports with duties.

John Neuffer, president and CEO of the Semiconductor Industry Association, said in a statement they were disappointed and puzzled why semiconductors remain on the final tariff list.

And the conflict is likely to escalate: The administration is preparing tariffs of up to 25 percent on an additional $200 billion in Chinese products.

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

Wednesday's knee-jerk reaction to the announcement of the tariffs was a typical move by traders.

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

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