Trump going ahead with taxes on $16B in Chinese imports

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They appear far from a resolution. and according to US local news outlets, the USTR is reviewing the 10 percent tariffs on a further 200-billion USA dollars of Chinese imports...and is considering raising the rate to 25 percent. Washington has long criticized China's trade surplus with the United States and has demanded Beijing cut it.

Earlier this month, China included for the first time liquefied natural gas (LNG) in its list of goods up for a potential 25-percent import tariff, should the United States impose additional tariffs on Chinese imports.

Still, disagreements between the two major economic powers run deeper than just the trade balance and tensions remain over market access, intellectual property, technology transfer and investment.

Amid a steep correction in crude prices, China said on Wednesday that it would impose a 25-percent tariff on U.S. imports worth US$16 billion, including crude oil, diesel, cars, coal, and steel products, in retaliation to the U.S. list of US$16 billion worth of Chinese imports that will be taxed by U.S. authorities from August 23.

All in all, China's trade surplus with the U.S. shrank to $28.08 billion in July against $28.97 billion in the previous month. But it was 11% higher than in the same month a year ago.

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Although the move was expected, it solidifies the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies.

As early as July 5, the story of tariffs on USA crude by China had been floated.

That was in response to the latest U.S. threat to slap duties on US$200 billion of Chinese goods, and to raise those tariffs from 10 per cent to 25 per cent.

August 7: The US announces that the second tranche of tariffs, which will hit $16 billion worth of Chinese goods, will go into effect on August 23.

Crude oil prices are under pressure because a tariff on imported US crude oil means a drop in demand.

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"Although this may for a moment bring preening with delight, it will make it hard to resolve economic imbalances or out of kilter politics and other deep-rooted problems".

China has already retaliated against the United States with its own tariffs and proposed others if Washington goes ahead with all its threats.

The latest $16 billion list from the United States will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea.

A list published by the U.S. Trade Representative's office indicated 279 import product lines for tariffs.

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