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The United States will impose tariffs on $16 billion of Chinese imports from Aug. 23

2018-08-09

The U.S. announced on August 23 that it would impose a 25 percent tariff on an additional $16 billion of Chinese imports, further escalating the trade war between China and the United States.

 



The U.S. Trade Representative's office announced new tariff measures in an e-mail statement on Tuesday, with 279 tariff lines on the list, down from 284 initially proposed. The new tariff list includes products such as motorcycles, steam turbines and rail locomotives.

It was the second time since July that the United States has imposed tariffs on Chinese imports, despite complaints from U.S. companies that they would raise business costs and ultimately lead to higher consumer prices. On July 6, the United States imposed a 25 percent tariff on $34 billion of Chinese goods, prompting Beijing to take swift countervailing measures.The Chinese government has vowed to counterattack the $16 billion U.S. tariff on Chinese goods.

The amount of goods covered by the tariff measures is likely to rise further soon. The Office of the U.S. Trade Representative is evaluating a 10 percent tariff on an additional $200 billion of Chinese goods and even considering raising the tax rate to 25. The above tariff measures may be implemented after the public consultation period ends on September 5 th.

 

U. S. President Donald Trump has hinted that he could impose tariffs on all Chinese imports, which totaled more than $500 billion last year.

Trump said at the weekend that the United States had the upper hand in a trade war with the United States, and the Chinese government responded through state media that it was prepared to tolerate shocks to the economy.

Sino-US trade talks broke down after Trump put the tariff threat into action, but the two sides have been trying to restart high-level talks. Two people familiar with the matter said representatives of U.S. Treasury Secretary Nukin and Chinese Deputy Prime Minister Liu he were in private to try to restart negotiations.

China and the United States have already held three rounds of formal negotiations, with Nuchin leading a delegation to Beijing in May, and Liu he later in Washington later this month. China and the United States subsequently issued a joint statement promising to reduce the U.S. trade deficit with China. But within days, Trump reversed his stance on China's trade, saying the talks "may have to be structured differently." China says U.S. tariff measures invalidate any commitments it made during the talks.

 

 


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