China to impose additional tariffs on $16B worth of US goods

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China will impose tariffs on an additional $16 billion worth of us products, officials announced Wednesday, marking the latest parry in an escalating trade war between the two countries.

The action is the latest by U.S. President Donald Trump to put pressure on China to negotiate trade concessions after imposing tariffs on $34 billion in goods last month.

"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. Customs will begin collecting the duties on 279 product lines, down from 284 items on the initial list, as of 23 August, the US Trade Representative's Office said in an emailed statement on Tuesday. But it was 11 percent higher than in the same month previous year.

It is the second round of duties imposed by the countries as Washington and Beijing exchange tit-for-tat measures in an escalating trade war. US President Donald Trump accused Beijing of "being vicious" on trade, stressing that Chinese measures were targeting US farmers on goal.

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China's surplus with the United States shrank marginally to $28.09 billion last month from a record $28.97 billion in June.

The world's two biggest economies are locked in a trade dispute. The USTR is reviewing 10% tariffs on a further $200 billion in Chinese imports, and is even considering raising the rate to 25%.

"Looking ahead, we expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than United States tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation", Capital Economics' Senior China Economist Julian Evans-Pritchard wrote in a note.

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.

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The first tariffs were imposed in March and China responded in April.

It 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.

His administration confirmed that its trade assault would soon cover more than $50 billion of products from China.

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.

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