US finalizes next China tariff list targeting $16 billion in imports

Beijing has asked banks and local governments to stimulate rail and other infrastructure projects in the wake of slowing economic-growth momentum.

And Mr. Trump has threatened to impose tariffs on virtually everything China sells to the United States.

China's exports soared in July, showing little impact from United States tariffs, as Washington finalises more duties on Chinese imports. Chinese imports of goods and services into the United States a year ago amounted to almost $524 billion. China has vowed to strike back again, dollar-for-dollar, on the US$16 billion tranche.

The Trump administration announced today that it will go ahead with imposing 25 percent tariffs on an additional $16 billion in Chinese imports. Washington has long criticised China's trade surplus with the United States and has demanded Beijing cut it. However, analysts still expect a less favourable trade balance for China in coming months given it's early days in the tariff brawl.

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.

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

In May, Chinese importers trying to beat Beijing's looming counter-tariffs led to a surge in United States 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.

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

In the meantime, it sought public comment on the new items.

No date yet for the previously announced retaliatory tariffs on $16 billion in USA goods, which will largely target commodities.

The new list covers products such as semiconductors, electronics, plastics, and railway equipment.

"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. The retaliatory tariffs hit USA industries in areas of the US where President Trump has received significant support.

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