USTR finalizes second round of China tariffs

The White House reportedly had a private meeting with tech industry representatives last week.                  Daniel Terdiman  CNET

The White House reportedly had a private meeting with tech industry representatives last week. Daniel Terdiman CNET

The world's top two economies have repeatedly sparred over trade in recent months, in what experts warn may become a devastating cycle of retaliation. That was in response to the latest U.S. threat to slap duties on US$200 billion of Chinese goods, and to raise those tariffs from 10 per cent to 25 per cent.

China's exports surged more than expected in July despite USA duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth.

Chinese exports increased more rapidly than expected last month, despite an escalating trade war with the United States.

Negotiations broke off after the Trump administration imposed the tariffs on $34 billion in Chinese imports, a move the Chinese said would void any promises they'd made in negotiations.

Having claimed that "trade wars are good and easy to win", President Trump has said that he is prepared to hit up to $500 billion of Chinese goods with taxes in an attempt to reduce America's...

The new tariffs, the latest in the ongoing trade spat between US and China, target industrial supplies, chemicals, motorcycles, tractors and tractor parts, rail cars, auto parts, some iron and steel, motor and machine components and more.

Washington and Beijing are locked in a battle over U.S. accusations that China's export economy benefits from unfair policies and subsidies, and especially from the theft of American technological know-how.

Customs officials will begin collecting the border tax August 23, the Office of the U.S. Trade Representative says.

Some U.S. industries have expressed disappointment at Tuesday's decision.

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

China's exports soared in July, showing little impact from United States tariffs, as Washington finalises more duties on Chinese imports. And Chinese regulators last month barred Qualcomm, a USA telecom leader, from completing its $44 billion acquisition of Netherlands-based NXP, which would have made it a more formidable competitor for Chinese companies. In a dispute with South Korea past year over its role in hosting a US missile defense system, the Chinese government orchestrated a boycott of Seoul-based Lotte Group that ultimately persuaded it to sell many of its stores in China.

The Trump administration has proposed 10 percent tariffs on an additional $200 billion in Chinese imports - which ACC estimated includes $16.4 billion in chemicals and plastics.

July figures showed the US' trade deficit with China decrease only slightly.

Over the weekend, Trump said he had the upper hand in the trade war, while Beijing responded through state media by saying it was ready to endure the economic fallout. It would take a few more weeks to revise the list and make programming changes at U.S. Customs and Border Protection to begin collecting the duties. That's 24% of all Washington exports according to the Washington Department of Agriculture.

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