Trump administration announces $22b in fresh tariffs on China

08 August, 2018, 20:53 | Author: Gerard Cortez

The US will impose a 25% tariff on $16 billion worth of Chinese goods starting August 23.

"Looking ahead, we expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than United States 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 move is the latest escalation of President Donald Trump's trade war with China.

China said it will begin imposing 25 per cent duties on an additional US$16 billion of American goods immediately after USA levies take effect, making good on its pledge to retaliate in kind.

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. Both countries have already slapped tit-for-tat duties on $34 billion of each other's goods. Larger items are also on the list of 333 goods being targeted including large passenger cars and motorcycles as well as various fuels, and fiber optical cables.

Trump has threatened to levy a 25% tariff on an additional $200 billion worth of Chinese imports to the USA - a move that would blow open the disagreement between the countries.

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The revenue guidance from the company was "unprecedented", said Gene Munster, an analyst at Loup Ventures, in a note to investors. Amazon shares, up 55 percent this year versus 6 percent for the S&P 500 as of Thursday's close, trade at a premium, too.

"There is no off-ramp, and Trump has given China little wiggle room to save face and come to the bargaining table", he said. For instance, the major complaint is about the theft of USA intellectual property by Chinese firms.

Due to the rising trade tension between China and the United States, the trading arm of Chinese state oil major Sinopec is said to have suspended imports of crude oil from the United States.

Economists warn that a prolonged trade war between China and the USA could end up increasing prices for American consumers and hurting USA businesses.

On Wednesday, the Office of the United States Trade Representative (USTR) released a list of around US$16 billion worth of imports from China that will be subject to a 25-percent additional tariff as part of the United States' response to China's unfair trade practices related to the forced transfer of American technology and intellectual property, the office said.

Customs officials will begin collecting the border tax August 23, the Office of the U.S. Trade Representative said. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs. China has vowed to retaliate to an equal degree.

May 29: The White House announces the tariffs on $50 billion of Chinese goodswill move forward, with the final list of goods released June 15.

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