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

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

The products include semiconductors, chemicals and machinery parts.

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.

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

It's the latest salvo in their tit-for-tat trade battle.

Trump has claimed in recent tweets that "tariffs are working far better than anyone ever anticipated", linking them to a downturn that has shaved almost a quarter from the value of Chinese stocks since late January. In response, China has threatened up to 25 per cent tariffs on US$60 billion in American imports.

China buys nearly $18 billion a year worth of goods from Washington state every year. For instance, the major complaint is about the theft of United States intellectual property by Chinese firms.

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China's threats to slap more tariffs on American products is causing more anxiety among agriculture producers in Washington state. With no formal talks taking place between Chinese and American officials, some analysts say Trump's use of tariffs may be created to reverse a quarter-century of growing economic ties between the two countries, rather than to spur diplomatic bargaining. But given the lack of talks and Trump's unclear goals, the trade war doesn't appear to be close to a resolution.

A huge headwind on the country's economic growth is the Trump administration's trade policy, said Boudreaux, warning that if it continues "as it's happening now, not only will it slow the economic growth, it might actually reverse it".

This round of tariffs is the second to be imposed under the Trump administration, following an earlier round in which $34 billion of Chinese imports saw altered charges starting July 6th.

A list published by the U.S. Trade Representative's office indicated 279 import product lines for tariffs.

Chinese exports increased more rapidly than expected last month, despite an escalating trade war with the United States.

The trade balance between the two countries, which is at the center of the tariffs tussle, continued to be in favor of China.

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