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

Adjust Comment Print

Last month, the United States imposed duties of 25% on Chinese imports worth $34bn.

Mr. Trump has continued to portray tariffs on foreign imports as good for the country, even as many Republicans and traditionally right-of-center groups preach their ills.

The move is the latest escalation of President Donald Trump's trade war with China.

On Tuesday, the Trump administration said it would begin collecting previously announced 25% tariffs on an additional $16bn of Chinese goods from 23 August. It represents the latest salvo in the ever-expanding trade war between the United States and China. In July, Washington imposed tariffs on $34 billion worth of Chinese goods.

China's imports rose 27.3 percent year-on-year in July, in a sign domestic demand remains solid, but the worry is that the escalating Sino-U.S. trade war, rising corporate bankruptcies, and a steep decline in the yuan could put a significant dent on the economy.

China has not yet given a date for its previously announced retaliatory tariffs on $16 billion in USA goods, which will target commodities such as crude oil, natural gas, coal and some refined oil products.

Mendocino Complex Fire Now Fourth Largest in California History
Typically, temperatures dip and humidity rises overnight, giving fire crews a window to slow down the spread of the wildfires. Another blaze that ignited last week has damaged a historic Northern California resort in the Stanislaus National Forest.

Mr Trump has said he would be willing to hit all of China's imports with duties. For instance, the major complaint is about the theft of USA intellectual property by Chinese firms.

After months of escalation, business communities in both countries are wondering when and how the trade confrontation will end.

Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation.

Economists warn that a prolonged trade war between China and the U.S. could end up increasing prices for American consumers and hurting United States businesses.

March 1: President Donald Trump announcestariffs on all imports of steel and aluminum, including metals from China. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs.

"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.

Multiple protests in Iran over currency drop, economic woes
The deal, negotiated by the Obama administration, lifted sanctions on Tehran in exchange for curbs on its nuclear program. The United States intends to fully enforce sanctions due to be reimposed against Iran early this week on orders from U.S.

May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs.

June 15: Trump rolls out thefinal list of goods subject to new tariffs.

A weaker yuan, which marked its worst 4-month fall on record between April and July, may have taken the sting out of 25 percent tariffs on $34 billion exports to the United States.

Beijing has retaliated with its own duties on $34bn of U.S. goods.

August 3: China announces that the country will impose tariffs of various rates on another $60 billion worth of USA goods if Trump moves forward with his latest threat. This is the second tranche of such tariffs and comes into effect on August 23.

At least 82 killed by 7.0 quake in Indonesia's Lombok, Bali islands
Mr Turnbull says he would offer Australian support to Indonesia when he speaks to President Joko Widodo later in the day. In the neighbouring resort island of Bali people could be heard screaming as locals and tourists ran onto the streets.