Published: Wed, August 08, 2018
World | By Camille Rivera

Chinese exports accelerate as fresh U.S. tariffs loom

Chinese exports accelerate as fresh U.S. tariffs loom

The 25 percent tariffs will go into effect August 23, targeting cars, crude oil, natural gas and coal. Products being targeted now include crude oil, cars, steel and medical equipment.

Washington imposed 25% duties on $34bn (£26.3bn) of Chinese goods on 6 July in response to those complaints.

And the conflict is likely to escalate: The administration is preparing tariffs of up to 25 percent on an additional $200 billion in Chinese products.

Trade tensions between the United States and China have been intensifying over recent months with each country imposing levies on mutual imports with extra duties. US President Donald Trump accused Beijing of "being vicious" on trade, stressing that Chinese measures were targeting US farmers on goal. And President Donald Trump has threatened to impose tariffs on virtually everything China sells to the United States.

The office said the move is part of the USA response to China's unfair trade practices related to the forced transfer of American technology and intellectual property.

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China's closely watched surplus with the United States dipped only slightly to $28.09 billion last month from a record $28.97 billion in June.

In July the surplus with the United States was at $28.09 billion, down a touch from $28.93 billion in June, according to Reuters calculations based on customs data released on Wednesday.

In May, Chinese importers trying to beat Beijing's looming counter-tariffs led to a surge in U.S. exports of crude oil and soybeans, temporarily driving down the trade deficit and helping boost GDP growth in the April-June period to 4.1 percent.

A US-China trade war will reduce global output by 0.7% by 2020, with China's economy taking a 1.3% hit and US GDP dropping 1%, Oxford Economics said in a research note on Tuesday, before the new list was released.

Chinese state media, reflecting the government's stance, has said China will not be cowed in the face of US threats.

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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.

In the meantime, it sought public comment on the new items. Beijing is expected to hit $16 billion worth of U.S. goods with equal tariffs in response to Tuesday's move.

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

Chinese state media has said Beijing will not be cowed by Washington's threats.

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.

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