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Trump administration announces $22b in fresh tariffs on China

08 August, 2018, 08:51 | Author: Lucille Rivera
  • Cars to be exported are seen at a port in Lianyungang Jiangsu province China

On Tuesday, the administration said it had made a decision to go ahead with tariffs on 279 of the 284 items added in June; they're worth about $16 billion a year.

Approximately $16 billion worth of Chinese imports will be subject to a 25 percent tariff come August 23, the US Trade Representative has announced, citing China's ongoing "unfair trade practices".

Customs will begin collecting the duties on 279 product lines, down from 284 items on the initial list, as of August 23, the U.S. Trade Representative's Office said in an emailed statement on Tuesday.

USA industries and farmers have been caught in the crossfire, and the Trump administration announced $12 billion in aid to help farmers hurt by Chinese duties on crops such as soybeans.

The world's two biggest economies are locked in a trade dispute over Washington's charges that China uses predatory tactics in a drive to supplant USA technological supremacy.

The products include semiconductors, chemicals and machinery parts. The new list covers products ranging from motorcycles to steam turbines and railway cars.

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In May, Chinese importers trying to beat Beijing's looming counter-tariffs led to a surge in U.S. exports of crude oil and soybeans, temporarily driving down the trade deficit and helping boost GDP growth in the April-June period to 4.1 percent. Mr Trump has said he would be willing to hit all of China's imports with duties.

It said a combined total of $6.3bn worth of semiconductors and related products would now be hit by tariffs. Chinese President Xi Jinping appeared to relent in ratcheting up trade tensions, suggesting China may reduce tariffs on US auto exports to China.

"We will continue to make this case and remain hopeful a sensible solution can be achieved that protects the interests of American businesses and consumers".

Tuesday's announcement was not a surprise.

"Members of Congress from both parties are hearing from Americans that are angry about tariffs while they are back in their states and districts", he said.

Over the weekend, Trump said he had the upper hand in the trade war, while Beijing responded through state media by saying it was ready to endure the economic fallout.

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