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us tariffs on china imports

The Chinese economy grew at an annual pace of 6.7%  in Q2 of 2018, official data showed, meeting forecasts for the period.

The data marked a slight slowdown from a 6.8% expansion recorded in Q1 of 2018.

It comes as the Chinese government attempts to curb growing debt and as trade tensions with the US escalate.

Last week, the US raised the stakes in a trade war last week, listing another $200 billion worth of China’s goods to be hit by tariffs.

President Trump Threatens $100 Billion More in China Tariffs

China Imposes New Tariffs of Up to 25% on 128 US Imports

Chinese stock markets, which have struggled recently amid the escalating trade dispute between the US and China, traded down slightly on July 16.

The US slapped tariffs on $34 billion of Chinese goods on July 6, opening the way for a tit-for-tat trade war with the world’s second-largest economy.

China retaliated, saying the US had launched the “largest trade war in economic history”.

Last month, China’s monthly trade surplus with the US hit a record high of nearly $29 billion as exports to America remained strong.

President Donald Trump recently suggested that more than $500 billion of Chinese goods could be hit by tariffs. That is almost equal to the value of China’s entire goods exports to the US in 2017.


President Donald Trump has threatened $100 billion more in China tariffs, in an escalation of a tense trade stand-off.

These would be in addition to the $50 billion worth of US tariffs already proposed on hundreds of Chinese imports.

The president’s proposal comes after China retaliated to that by threatening tariffs on 106 key US products.

The tit-for-tat moves have unsettled global markets in recent weeks.

According to analysts, a full blown trade war between the US and China would not be good for the global economy or markets – and that ongoing behind-the-scenes negotiations between the two giants were crucial.

However, market reaction in Asia trade on April 6 suggested investors were not too troubled by the latest twist, and that trade war fears were somewhat exaggerated.

In China, Hong Kong’s Hang Seng was in positive territory, up 1.3%. Japan’s benchmark Nikkei 225 was also trading higher in the afternoon session.

The US announced it would impose import taxes of 25% on steel and 10% on aluminum. The tariffs would be wide ranging and would include China.

China responded this month with retaliatory tariffs worth $3 billion of its own against the US on a range of goods, including pork and wine. The Chinese government said the move was intended to safeguard its interests and balance losses caused by the new tariffs.

Image source Wikipedia

China Imposes New Tariffs of Up to 25% on 128 US Imports

White House to Announce Sanctions against China over Theft and Transfer of Intellectual Property

Meanwhile, there had been rumblings the US was preparing to slap between $50 billion and $60 billion worth of tariffs on Chinese-made goods in response to unfair Chinese intellectual property practices, such as those that pressure US companies to share technology with Chinese firms.

The draft details of those import taxes were released last week when the US set out about 1,300 Chinese products it intended to hit with tariffs set at 25% worth some $50 billion.

China responded swiftly by proposing retaliatory tariffs, also worth some $50 billion, on 106 key US products, including soybeans, aircraft parts and orange juice. This set of tariffs was narrowly aimed at politically important sectors in the US, such as agriculture.

On April 5, President Trump’s branded that retaliation by Beijing as “unfair”.

In a statement, he said: “Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers.

“In light of China’s unfair retaliation, I have instructed the USTR (United States Trade Representative) to consider whether $100 billion of additional tariffs would be appropriate… and, if so, to identify the products upon which to impose such tariffs.”

The president said he had also instructed agricultural officials to implement a plan to protect US farmers and agricultural interests.

China has initiated a complaint with the World Trade Organization (WTO) over the US tariffs, in what analysts say is a sign that this will be a protracted process.

The WTO circulated the request for consultation to members on April 5, launching a discussion period before the complaint heads to formal dispute settlement process.

Meanwhile, under US law, the proposed set of tariffs against about 1,300 Chinese products must now go under review, including a public notice and comment process, and a hearing.

The hearing is scheduled at the moment for May 15, with post-hearing filings due a week later.

China has hit back with new tariffs of up to 25% on 128 US imports, including pork and wine, after President Donald Trump raised duties on foreign steel and aluminum imports in March.

The new tariffs affecting some $3 billion of imports kick in on April 2.

The Chinese government said the move was to “safeguard China’s interests and balance” losses caused by new US tariffs.

Beijing had previously said it did not want a trade war but would not sit by if its economy was hurt.

However, President Trump has insisted that “trade wars are good”, and that it should be “easy” for the US to win one.

The president has already announced plans for further targeted tariffs for tens of billions of dollars of Chinese imports.

President Trump said that is in response to unfair trading practices in China that affect US companies but it raises the possibility of yet more action being taken in what has become a tit-for-tat trade battle.

Image source Flickr

White House to Announce Sanctions against China over Theft and Transfer of Intellectual Property

US scrap aluminum and frozen pork will be subject to a 25% additional tariff – on top of existing duties.

Several other American foods including nuts, fresh and dried fruit, ginseng and wine will be hit by a 15% increase.

Rolled steel bars will likewise see a 15% rise in duties.

According to the Chinese government, the new tariffs were a retaliatory measure in light of President Trump’s decision to raise duties on steel and aluminum imports.

However, further tax hikes may lie ahead.

On March 22, the US said it was planning to impose duties on up to $60 billion of Chinese imports and limit its investment in the US, in retaliation for years of alleged intellectual property theft.

The White House said it was acting to counter unfair competition from China’s state-led economy.