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

"This second tranche of additional tariffs under Section 301 follows the first tranche of tariffs on approximately $34 billion of imports from China, which went into effect on July 6", it added.

Trump's mission to reduce the United States trade deficit via the threat of tariffs has brought him into conflict with China as well as U.S. allies, roiling financial markets and raising fears of a global trade war the International Monetary Fund has warned may undermine the strongest economic upswing in years.

The Trump administration ramped up the pressure for trade concessions from Beijing last week by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports.

On Tuesday, the Trump administration unveiled its own list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs.

Chinese data on Wednesday showed exports to the United States rose 13.3% in July to $41.5 billion against a year ago. 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.

China has been retaliating in kind.

The world's top two economies have repeatedly sparred over trade in recent months, in what experts warn may become a devastating cycle of retaliation.

On Wednesday, the Office of the United States Trade Representative (USTR) released a list of around US$16 billion worth of imports from China that will be subject to a 25-percent additional tariff as part of the United States' response to China's unfair trade practices related to the forced transfer of American technology and intellectual property, the office said.

Although the move was expected, it solidifies the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies.

The worry is that the escalating Sino-US trade war, rising corporate bankruptcies, and a steep decline in the value of the yuan versus the dollar could put a significant dent on the economy.

"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".

The United States and China implemented tariffs on $34billion worth of each other's goods in July.

The latest $16 billion list from the United States will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea.

The US products in line for tariffs include chemical items and diesel fuel.

John Neuffer, president and CEO of the Semiconductor Industry Association, said in a statement they were disappointed and puzzled why semiconductors remain on the final tariff list.

April 3: The US trade representativeannounces a list of Chinese goodssubject to the tariffs.

Related news:

Hot News

isis-killer-beheading-video-story-top Foetus found on American Airlines plane at LaGuardia Airport
Aug 07, 2018 - 21:54
According to sources, Flight 1942 from Charlotte, North Carolina, arrived at Terminal B on Monday around 10:44 p.m. American Airlines said it was assisting police with their investigation.

isis-killer-beheading-video-story-top Rick Gates Testifies That He Committed Crimes With Paul Manafort
Aug 07, 2018 - 21:53
Rick Gates has testified that he and US President Donald Trump's former campaign chairman, Paul Manafort , committed crimes. Manafort, 69, has pleaded not guilty to 18 counts of bank fraud, tax fraud and failing to disclose foreign bank accounts.

isis-killer-beheading-video-story-top £670million-rated Luka Modric sends Real Madrid message
Aug 07, 2018 - 20:41
Modric then went into the World Cup in buoyant move, and he managed to lead his Croatian side to the World Cup final. It appears as if everything is doom and gloom at Real Madrid this summer.

isis-killer-beheading-video-story-top Newcastle players shun media in dispute with club over bonuses
Aug 07, 2018 - 17:19
The Newcastle manager said he and his backroom team have been ready to strike in the summer transfer window for months. But Benitez clearly feels more must be done, adding: "I am not happy we are looking to just survive every year".

isis-killer-beheading-video-story-top Once-eased United States economic sanctions against Iran back in effect
Aug 07, 2018 - 16:17
The sanctions were previously softened by the Obama administration as part of a landmark 2015 nuclear agreement with Iran . There have been protests in Iran this year against rising prices, and the security forces have responded firmly.

isis-killer-beheading-video-story-top Chelsea-linked Zaha doesn't want to leave Crystal Palace, says Hodgson
Aug 06, 2018 - 13:29
Tottenham were interested in signing Zaha this window, but have made a decision to pursue Aston Villa's Jack Grealish instead. Zaha is thus, a viable target , who will bolster the Blues' attack irrespective of the Brazilian's departure.

isis-killer-beheading-video-story-top Everton agree Yerry Mina deal with Barcelona?
Aug 06, 2018 - 12:04
Alderweireld could wait a year to become available but Graves reckons he will be heading to Old Trafford in this window. Alderweireld, 29, has plied his professional trade in England since 2014 following a transfer from Atletico Madrid.

isis-killer-beheading-video-story-top President Donald Trump takes swipe at LeBron James, celebrates Michael Jordan
Aug 06, 2018 - 11:55
In September, James called Trump a "bum" for uninviting the NBA-champion Golden State Warriors to the White House. Last month, when the New York Times published a story claiming Mr.

isis-killer-beheading-video-story-top Saudi Arabia orders Canadian envoy to leave over criticism
Aug 06, 2018 - 10:45
Canada also imports $2.6 billion in goods from Saudi Arabia, with the overwhelming majority being mineral products. Allam said what's happened reminds him of a 2015 diplomatic dispute between Sweden and Saudi Arabia.

isis-killer-beheading-video-story-top Thomas wins WGC-Bridgestone by four shots in dominant style
Aug 06, 2018 - 10:17
Northern Irishman Rory McIlroy made three straight bogeys around the turn, carded 73 and finished seven shots behind. McIlroy ended in tied sixth place after a three-over-par 73, while Poulter was tied 10th after a four-over 74.

isis-killer-beheading-video-story-top Chelsea needed Jorginho more than Man City - Sarri
Aug 06, 2018 - 09:27
Manchester City's pursuit of Jorginho faltered because Chelsea had a more pressing need for the Italy midfielder. "I don't know. The Belgian is also wanted by Madrid and, according to his agent, has made it clear that he wants to leave.

isis-killer-beheading-video-story-top Iowa Reports First West Nile Death of 2018
Aug 05, 2018 - 00:01
When the numbers of these insects are high, the more the residents are at risk of contracting the virus. Limit outdoor activities and take precautions to prevent mosquito bites during these times.

isis-killer-beheading-video-story-top Senate Dems Will End Boycott, Meet With Kavanaugh To Push Doc Requests
Aug 04, 2018 - 00:48
Chris Coons of DE said at a hearing Wednesday that the Senate should receive even more documents than what Grassley had requested. Senate Republicans have yet to schedule a confirmation hearing for Kavanaugh.

isis-killer-beheading-video-story-top Lynchburg residents evacuated as flood waters overtop dam
Aug 04, 2018 - 00:29
The original surface area of the lake was reported to be 44 acres and has been reduced to 19 acres due to sedimentation. Since then, the city has continued to analyze the dam to determine how to move forward.

isis-killer-beheading-video-story-top POW/MIA Accounting Agency begins process of identifying Korean War remains
Aug 03, 2018 - 23:31
The report casts further doubt on President Donald Trump's claims of victory last month in disarmament talks with North Korea. He said the Koreas will continue talks on details of the issues, according to Seoul's Defense Ministry.