Wednesday, 14 November, 2018


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

U.S.-China trade war update Motorcycles and railway cars are among the $16 billion in items U.S. is targeting next Trump going ahead with tariffs on $16B in Chinese imports
Conrad Doyle | 09 August, 2018, 01:32

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 U.S. government in July. The move comes as retaliation for the United States placing $16 billion in tariffs on Chinese goods.

July figures showed the US' trade deficit with China decrease only slightly. Washington has long criticised China's trade surplus with the United States and has demanded Beijing cut it.

The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries.

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. But it held off on a final US$16 billion as a result of concerns raised by U.S. companies.

U.S Customs will begin collecting duties on 279 product lines ranging from motorcycles to steam turbines and railway cars, the US Trade Representative's Office said in an emailed statement on Tuesday.

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

It is now highly likely that China will retaliate, as promised, with its own $60 billion tariff round.

April 4: China rolls out a listof more than 100 U.S. goods worth roughly $50 billion that are subject to retaliatory tariffs. The number of categories of goods subject to tariffs rose to 333 from 114 in the June draft, although the total value is unchanged. However, analysts still expect a less favorable trade balance for China in coming months given it's early days in the tariff brawl.

July 10: TheUS releases an initial listof an additional $200 billion worth of Chinese goods that could be subject to a 10% tariff.

United States industries and farmers have been caught in the crossfire, and the Trump administration announced US$12 billion in aid to help farmers hurt by Chinese duties on crops such as soybeans.

While short-term effects might be mild, the impact of USA tariffs on China's trade may be gradually revealed as time passes and more tariffs on Chinese goods threatened by the United States take effect, it noted.

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