China will make good on threat to match United States tariffs


The trade representative's office also accused China of "cyber intrusions into USA commercial computer networks to gain unauthorized access to commercially valuable business information".

On Tuesday, US officials said they would slap 25 percent levies on another $16 billion worth of Chinese imports from August 23.

In July, the USA imposed 25 percent tariffs on United States dollars 34 billion worth of Chinese imports, and Beijing retaliated with a similar move.

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During the opening hour of trade, the Dow Jones Industrial Average was down almost 40-points to 25,589 and tech-heavy Nasdaq Composite lost around 12-points to 7,871. The announcement is the latest round in a tit-for-tat trade conflict between the world's two largest economies which has left global markets on edge.

Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation. Beijing, accusing the United States of trade bullying, has retaliated by imposing tariffs on an equal measure of American goods.

The 25 percent tariffs also will apply to a broad range of Chinese electronics, plastics, chemicals and railway equipment that the Office of the U.S. Trade Representative (USTR) has said benefit from the "Made in China 2025" industrial plan, aimed at making China competitive in high-technology industries.

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Trump has boasted that trade wars are "easy to win" and warned he would hit virtually all Chinese imports if Beijing does not back down and take steps to reduce its $335bn USA trade deficit.

Even as a trade war brews between the two nations (see the full timeline), exports from China to the USA rose by double digits in July, the Associated Press reported.

The new tariffs will be applied to a list of 279 products, including motorcycles, speedometers and antennas, in the second round of tariffs applied by the USA on Chinese goods, despite persistent warnings by American businesses that the tariffs will affect U.S. consumers.

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Despite the tariff war with the US, China's worldwide exports rose a better than forecast 12.2% in July, while imports were up a much higher than expected 27.3%.