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

Donald Trump's new law doesn't single out China but there's no doubt the intended target is Beijing

Beijing said last Friday it would impose tariffs ranging from 5 per cent to 25 per cent on US$60 billion worth of American products.

Washington had already imposed tariffs on United States dollars 34 billion on July 6 but held off on a final USD 16 billion in goods as a result of concerns from U.S. companies. West Texas Intermediate and international-benchmark Brent crude oil futures are under pressure early Wednesday after China said it will retaliate against the latest round of USA tariffs on Chinese imports.

The administration is preparing tariffs of up to 25 percent on an additional $200 billion in Chinese products.

China placed tariffs on US imports including pork and soybeans.

China's surplus with the United States shrank marginally to $28.09 billion last month from a record $28.97 billion.

The weak figures come as Beijing has been trying to encourage domestic consumption, with measures such as lowering tariffs for consumer goods, as part of its strategy to deal with the mounting pressure from the trade war, which is set to crimp the country's exports, traditionally one of the main drivers of growth.

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

Blizzard has 'multiple Diablo projects in the works'
It's unclear what the multiple Diablo projects could be, but the one that's going to take longer to develop might be Diablo IV. We hope you stay tuned, while we work to bring these Diablo experiences to life.

Schneiderman's ex compared him to Nxivm cult leader
Oxenberg said her daughter became immersed in the organization quickly and donated the majority of her inheritance to it. And they said, 'Would you stop blaming yourself? Then I started to educate myself. "And India never stood a chance'".

Jasprit Bumrah will not play second Test against England at Lord's
The bowling coach of India team also feels speedster Umesh Yadav is at his best when he is in the rhythm and bowling quick. He didn't divulge if an additional spinner in Ravindra Jadeja or Kuldeep Yadav will come into play.

Sales to the U.S. 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.

President Trump had repeatedly expressed discontent over the USA trade deficit with China, accusing the country of unfair trade practices, intellectual property theft, currency manipulation, and of providing state aid to Chinese firms.

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.

"Looking ahead, we expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than U.S. 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. At that time, Beijing threatened a 25 percent tariff on USA crude imports, although it did not issue a specific date for the move. The $16 billion taxed in the latest round brings the total amount of Chinese goods taxed up to $50 billion. That was off slightly from June's 13.6% rate but still stronger than China's global export growth. Last year, China imported about $130 billion of US goods.

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".

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



Latest news

Samsung Announces 4TB QLC SSDs For Consumers
The Samsung 4TB 850 EVO SSD is now listed on Amazon.co.uk with a £1,399.99 retail price (albeit discounted to £999.99 at present). Samsung has announced that it has begun mass producing the storage industry's first 4-bit 4-terabyte SSD drives.

Meghan Markle set to take on an 'official role' for Prince William
However, the Duchess of Sussex accidentally revealed a glimpse of her underwear as she smiled and waved at passersby. However, Grant believes this could all change down the line, as Kate prepares for her new title as Queen.

Huge Google Pixel 3 XL leak shows details, specs, unboxing, and more
According to screenshots, this is the Google Pixel 3 XL, and it runs an Adreno 630 GPU in a Qualcomm Snapdragon system-on-chip. There seems to be a plastic box in the middle of the headphone cord, which might be for an in-line remote.

Rool Just Got Announced as Playable in Smash Bros. Ultimate
Players will then battle with one character at a time, switching between fighters whenever one is defeated. Speaking of earworms, the only thing more stacked than the stage selection is the game's soundtrack.

Indonesian Woman Held Captive In Cave For 15 Years
The shaman faces up to 15 years in prison if convicted of coercing a minor into intercourse and may face other charges, as well. The woman was reported missing by her family in 2003, when she was 13, after visiting the shaman for treatment of an illness.

Senator Paul delivers letter from Trump to Putin
Further U.S. sanctions on Russian Federation over alleged election meddling, Syria and Ukraine could lead to a deeper rift and are hurting Russia's rouble.

Google in talks with Tencent, others for cloud services in China - BBG
Candidates for the partnership were narrowed to three firms this past March - those companies include Tencent and Inspur Group. A Google sign is seen during the China Digital Entertainment Expo and Conference (ChinaJoy) in Shanghai, China August 3, 2018.

Oscars To Launch A New 'Popular Film' Category
For comparison, last year's ceremony aired in early March and the upcoming 2019 show is set for February 24. The airdate has been bumped up just for the 2020 telecast ― from February 23 to February 9 for 2020.

Ben Stokes trial shown 'groin grab' video
The doorman said "flamboyant" regulars Barry and O'Connor had left the nightclub and were standing outside talking. England cricketer Ben Stokes was the "main aggressor" in a fight outside a nightclub, a court has heard.

Dallas County announces first West Nile Virus death of 2018
Public Health officials say West Nile Virus is mainly transmitted to people through the bite of an infected mosquito. The first appearance of West Nile was in late-July, with a crow in Sarnia testing positive for the virus.

No-deal Brexit 60% likely, says UK Government's Liam Fox
He was speaking after Fox told the Sunday Times that there was a 60% chance of a no-deal outcome from talks with EU. May on Friday cut short her holiday in Italy for a meeting with French President Emmanuel Macron.

Perseid meteor shower peaks next weekend
The Perseid meteor shower occurs every year when the Earth passes through the cloud of debris left by Comet Swift-Tuttle. Make sure to look up this weekend as the Perseid Meteor Shower puts on its annual show in the skies above South Florida.

Hulkenberg welcomes Ricciardo's inclusion in Renault
The Aussie thanked Red Bull for their support over the years and hoped to bring success to the team before the end of the season. Adding to this Renault is a works team with tremendous potential and data at its disposal from customer teams like McLaren .

Underwood Bringing Tour to Bridgestone, Announces Pregnancy with Fisher
Underwood didn't reveal any other details, like when the baby is due or the gender, but she was wearing a pink metallic jacket in the clip that might lead fans to speculate a little.

Chelsea willing to spend big to secure Ramsey signing
Chelsea and Liverpool are both believed to be keen on a £30m deal while Barcelona have also been touted as potential suitors. But Ramsey has given no indication on the new deal, neither has he any given any of a reported move away from Arsenal .

Other news