United States tariffs on China: Trump administration adds $16 billion

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

The Semiconductor Industry Association said in a statement that tariffs imposed on semiconductors imported from China will hurt American chipmakers rather than Chinese firms. The new list covers products ranging from motorcycles to steam turbines and railway cars. China has vowed to retaliate to an equal degree.

China will impose tariffs on an additional $16 billion worth of USA products, officials announced Wednesday, marking the latest parry in an escalating trade war between the two countries.

China's exports soared in July, showing little impact from U.S. tariffs, as Washington finalises more duties on Chinese imports.

In a statement, the Chinese Commerce Ministry charged that the United States "once again put domestic law above worldwide law by imposing "very unreasonable" new tariffs on Chinese goods". At that time, Beijing threatened a 25 percent tariff on US crude imports, although it did not issue a specific date for the move.

Trade tensions between the United States and China have been intensifying over recent months with each country imposing levies on mutual imports with extra duties.

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This latest round makes good on the president's promise in June to impose a 25% tariff on $50 billion in Chinese goods.

USTR is conducting a public comment period for those tariffs, which could reach 25 percent, due to end September 5. US President Donald Trump accused Beijing of "being vicious" on trade, stressing that Chinese measures were targeting US farmers on objective.

Sales to the USA rose by 13.3%, while China's surplus with the States shrank marginally to $28.1bn (£21.7bn) last month from a record $29bn (£22.4bn) in June.

China's exports growth unexpectedly accelerated in July despite fresh USA tariffs, while its trade surplus with the United States remained near record highs as Beijing and Washington ramped up a bitter dispute that has rattled financial markets. But it was 11% higher than in the same month previous year. While there's no major risk of the world lapsing into "damaging stagflation", the possibility remains of a "bigger blow-up" that sharply reduces trade, as in the 1930s, it said. Chinese imports worth $34 billion would be subject to the new 25% tariff as of July 6, with another $16 billion worth of imports subject to the tariff at a later date.China retaliateswith an equivalent set of tariffs. At the weekend, Trump said he had the upper hand in the trade war, while Beijing responded through state media by saying it was ready to endure the economic fallout. After Liu visited Washington later that month, the nations released a joint statement pledging to reduce the USA trade deficit with China, among other things. Washington has long criticised China's trade surplus with the United States and has demanded Beijing cut it.

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