Trump's China Trade War Just Escalated by $16 Billion

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The Trump administration announced today that it will go ahead with imposing 25 percent tariffs on an additional $16 billion in Chinese imports.

The latest charge comes after the USA said it would implement another round of tariffs on $16 billion worth of Chinese goods.

But there seems no solution at sight as the Trump administration prepares for tariffs of up to 25 per cent on an additional Dollars 200 billion in Chinese products.

Nearly 300 Chinese goods face U.S. import taxes of 25 per cent from August 23, including tractors, motorcycles and semiconductors.

This is part of the US' response to China's "unfair trade practices" related to the forced transfer of American technology and intellectual property, the US Trade Representative (USTR) said.

The duties are part of a broader round of tariffs on $50bn worth of goods the U.S. announced in March.

In May, Chinese importers trying to beat Beijing's looming counter-tariffs led to a surge in United States exports of crude oil and soybeans, temporarily driving down the trade deficit and helping boost GDP growth in the April-June period to 4.1 percent.

The world's two biggest economies are caught up in a trade dispute over Washington's allegations that China uses predatory tactics, including outright cybertheft, in a drive to supplant US technological supremacy. Washington has long criticized China's trade surplus with the United States and has demanded Beijing cut it.

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His administration confirmed that its trade assault would soon cover more than $50 billion of products from China.

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.

After a strong start to the year, growth in the world's second-largest economy cooled slightly in the second quarter, partly hit by the government's years-long efforts to tackle debt risks. So far, despite the rhetoric, only $37bn worth of imports into China and the United States have actually been affected.

The latest commentary from state media on Wednesday took a softer line after resorting to personal attacks against Trump earlier in the week, saying China could get through the storm but refrained from directly mentioning the US President.

"Although this may for a moment bring preening with delight, it will make it hard to resolve economic imbalances or out of kilter politics and other deep-rooted problems".

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.

John Neuffer, president of the Semiconductor Industry Association, said: "We have made the case to the administration, in the strongest possible terms, that tariffs imposed on semiconductors imported from China will hurt America's..."

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