USA sets date for additional China tariffs

Kenny Grant
August 9, 2018

The announcement came after the Trump administration followed through with a 25% tariff on an additional $16 billion of Chinese goods Tuesday evening.

Earlier this month, China included for the first time liquefied natural gas (LNG) in its list of goods up for a potential 25-percent import tariff, should the United States impose additional tariffs on Chinese imports.

The tariff will mostly apply to industrial equipment, like tractors and chemicals.

The world's two biggest economies are locked in a trade dispute over Washington's charges that China uses predatory tactics in a drive to supplant USA technological supremacy.

"We're in a little bit of a fight with China right now", Trump said, before adding that the two nations would end up with a "fantastic trading relationship". But given the lack of talks and Trump's unclear goals, the trade war doesn't appear to be close to a resolution. That was off slightly from June's 13.6% rate but still stronger than China's global export growth.

The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed that "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce". Analysts had forecast 10 per cent.

The world's two biggest economies are locked in a trade dispute.

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But China has notched a pair of concrete victories in the trade showdown, according to Jeff Moon, a former USA trade negotiator in the Obama administration.

The government has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy.

Farmers for Free Trade in the US (FFF) has said American farmers are already seeing market disruption, and that the trade disputes "could cost billions of dollars to the already-stressed food and agricultural sector in the US".

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.

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

The Chinese government has said it would impose duties as high as 25% on American products like meat, coffee, nuts and auto parts. It would likely have to impose penalties on USA companies doing business in China to make up the difference.

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

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