Published: Fri, August 10, 2018
Money | By Michele Stevens

USA to impose $16 billion import tariffs on China

USA to impose $16 billion import tariffs on China

The Chinese government responded and said Beijing will also slap additional import tariffs of 25% on $16 billion worth of USA goods ranging from oil and steel products to autos and medical equipment.

China's Customs Tariff Commission, under the State Council, published a list (link in Chinese) of 333 American imports that will face additional 25% tariffs starting August 23.

China buys nearly $18 billion a year worth of goods from Washington state every year. Chinese imports of goods and services into the United States a year ago amounted to almost $524 billion.

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The Semiconductor Industry Association said in a statement that tariffs imposed on semiconductors imported from China will hurt American chipmakers rather than Chinese firms.

It will be the second time the U.S. slaps duties on Chinese goods in about the past month, despite complaints by American companies that such moves will raise business costs and eventually consumer prices.

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

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Talks between the two countries on the issues have failed to produce an agreement, prompting China to retaliate with tariffs of its own and US President Donald Trump to escalate his threats.

The US had already levied 25 per cent duties on US$34 billion in Chinese goods on July 6, prompting swift in-kind retaliation from Beijing. Beijing is expected to hit $16 billion worth of United States goods with equal tariffs in response to Tuesday's move. The step brought the total worth of Chinese goods facing a 25 percent tariff to $50 billion. It would likely have to impose penalties on US companies doing business in China to make up the difference. That's 24% of all Washington exports according to the Washington Department of Agriculture.

Due to the rising trade tension between China and the United States, the trading arm of Chinese state oil major Sinopec is said to have suspended imports of crude oil from the United States.

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Administration officials believe that the $505 billion Americans spend on Chinese products each year gives them leverage over China.

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