Trump administration announces $22b in fresh tariffs on China

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

Brian Snyder Reuters

China is slapping additional tariffs of 25 percent on $16 billion worth of USA imports from fuel and steel products to autos and medical equipment, the Chinese commerce ministry said, as the world's largest economies escalated their trade dispute.

In July, the USA and China exchanged tariffs on $34 billion worth of goods.

China's 25 percent tariffs will apply to USA products such as coal, gasoline, vehicles, motorcycles and medical equipment.

The US has said the tariffs are meant to penalise China for "unfair" trade practices, such as rules that compel companies in certain sectors to take on local partners if they want to do business in the country.

Customs officials will begin collecting the border tax August 23, the Office of the U.S. Trade Representative said. Both countries have already slapped tit-for-tat duties on $34 billion of each other's goods.

According to data by China's General Administration of Customs compiled by Reuters, Chinese crude oil imports increased to 8.48 million bpd in July from 8.36 million bpd in June and from 8.18 million bpd in July a year ago.

Chinese data on Wednesday showed exports to the U.S. rose 13.3% in July to $41.5 billion against a year ago. Beijing, accusing the United States of trade bullying, has retaliated by imposing tariffs on an equal measure of American goods. Washington has long criticized China's trade surplus with the United States and has demanded Beijing cut it.

China's crude oil imports in July rose for the first time in three months, but were still at their third lowest monthly level so far this year, as independent refiners continue to suffer from the new tax regime eroding their refining margins.

Year-on-year, the growth of China's exports to the United States slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.

All China's main state newspapers published a lengthy commentary by the official Xinhua news agency, entitled "declaration", on their front pages.

China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from USA companies.

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

"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 chipmakers, not China's, and will do nothing to stop China's problematic and discriminatory trade practices", he said.

Latest News