China to slap additional tariffs on $16 billion of United States goods

Trade war US finalizes new batch of tariffs on $16bn of Chinese products

The tranche of 25 per cent tariffs - which covers 279 products including electronic parts, plastics, chemicals, batteries, tractors and railway cars - follows $US34 billion worth of tariffs announced by the United States government in July.

The surplus with the United States was higher than China's overall trade surplus in July, which was $28.05 billion, indicating China ran a net trade deficit with the world excluding the U.S.

A US-China trade war will reduce global output by 0.7 percent by 2020, with China's economy taking a 1.3 percent hit and US GDP dropping 1 percent, Oxford Economics said in a research note Tuesday, before the new list was released.

The tariffs will come into effect simultaneously with the United States ones, at 12:01 pm in Beijing, according to the statements.

The United States and China implemented tariffs on $34billion worth of each other's goods in July. The step brought the total worth of Chinese goods facing a 25 percent tariff to $50 billion. It would likely have to impose penalties on US companies doing business in China to make up the difference.

Customs officials will begin collecting the border tax August 23, the Office of the U.S. Trade Representative said.

March 1: President Donald Trump announcestariffs on all imports of steel and aluminum, including metals from China.

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April 4: China rolls out a listof more than 100 U.S. goods worth roughly $50 billion that are subject to retaliatory tariffs.

June 18: Trumpthreatens a 10% tariff on another $200 billion worth of Chinese goods.

"With each successive round of tariffs, Trump continues to back China into a corner, forcing Beijing to respond in kind", said James Zimmerman, a partner in the Beijing office of worldwide law firm Perkins Coie and a former chairman of the American Chamber of Commerce in China.

A first tranche, on $34bn worth of goods, went into effect in July.

The decision follows Washington's announcement Tuesday that it will implement levies on $16 billion of Chinese products starting from the same date.

Trump, who has boasted that trade wars are "easy to win", has threatened to ramp up the pressure and slap tariffs on virtually all of China's exports to the United States if Beijing does not back down and take steps to reduce the US$335 billion U.S. trade deficit with that country.



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