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

The White House reportedly had a private meeting with tech industry representatives last week.                  Daniel Terdiman  CNET

The White House reportedly had a private meeting with tech industry representatives last week. Daniel Terdiman CNET

The U.S. announced its additional tariffs Tuesday.

The United States slapped an extra 25 percent tariff on 34 billion USA dollars worth of Chinese imports beginning July 6, to which China responded with an equivalent retaliatory measure.

On Tuesday, the Trump administration unveiled its own list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs.

In a statement on its official website late on Wednesday, China's commerce ministry criticized the USA move as being "unreasonable", saying it had no choice but to adopt the same measure on an equal amount of American goods ranging from fuel and steel products to autos and medical equipment.

The tariffs will be activated on August 23, the ministry said, the same day that the United States plans to begin collecting 25 percent extra in tariffs on $16 billion of Chinese goods.

The new list covers products such as semiconductors, electronics, plastics, and railway equipment.

Mr. Trump has continued to portray tariffs on foreign imports as good for the country, even as many Republicans and traditionally right-of-center groups preach their ills.

The Office of the U.S. Trade Representative says the tariffs are in response to China's "unfair trade practices related to the forced transfer of American technology and intellectual property".

The duties are part of a broader round of U.S. tariffs on $50bn worth of goods announced in March. That was off slightly from June's 13.6% rate but still stronger than China's global export growth.

The investigation had revealed that China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from United States companies and it deprives U.S. companies of the ability to set market-based terms in licensing and other technology-related negotiations.

The move is the latest escalation of President Donald Trump's trade war with China.

The better-than-expected growth might be partly because China tends to strengthen economic and trade ties with other major economies amid trade tensions with the United States, it said.

The absence of China, the largest buyer of USA crude after Canada, is likely to partly weigh on US spot crude prices, making them more affordable for other buyers in Asia.

"There is no off-ramp, and Trump has given China little wiggle room to save face and come to the bargaining table", he said.

Wednesday's data also revealed a more balanced trade picture, with China's imports jumping 20.9 percent to reach 1.21 trillion yuan in July.

Altre Notizie