"People really need to get used to a world with tit-for-tat tariffs in place between the two largest economies", said Wendy Cutler, a former us trade negotiator.
The dispute has continued to escalate, as Trump last week threatened to jack up the tariff rate on the next $200 billion in Chinese imports his administration plans to target to 25 percent, from the planned 10 percent. That was in response to the latest USA 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 responded by promising to hit $60 billion worth of USA goods coming into the country with tariffs. This is the second tranche of such tariffs and comes into effect on August 23.
Trump also is moving forward with plans to tax a further $200 billion in Chinese products as soon as September and has threatened to eventually impose tariffs on all Chinese imports, which totaled $505 billion past year, unless China capitulates.
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China's latest tariffs will be implemented on August 23, in tandem with the U.S.
Over $480 million worth of Washington agriculture exports are impacted by Chinese tariffs.
The Office of the U.S. Trade Representative says the tariffs are in response to China's "unfair trade practices related to the forced transfer of American technology and intellectual property". China's exports to the USA fell by 2.5 percent to $41.5 billion month-on-month, while imports of U.S. goods plunged 1.5 percent to $13.4 billion, according to data from General Administration of Customs on Wednesday, as quoted by the media.
The new tariffs on USA goods will be 25 percent. The new list covers products ranging from motorcycles to steam turbines and railway cars.
Chinese exports accelerate as U.S. prepares new tariffs in heated row
The US is now considering tariffs on another $200bn in goods , including consumer products that were spared in the initial round. The Office United States Trade Representative (USTR) announced the tariffs in a statement released on Tuesday afternoon US time.
The U.S. announced its additional tariffs Tuesday. But it held off on a final $16 billion as a result of concerns raised by U.S. companies.
According to a study released Tuesday by the U.S. Federal Reserve Bank of Atlanta, Washington-fueled trade tensions with other economies have prompted nearly a fifth of U.S. businesses including about 30 percent of manufacturers to review their capital spending plans. It would likely have to impose penalties on USA companies doing business in China to make up the difference.
March 1: President Donald Trump announcestariffs on all imports of steel and aluminum, including metals from China. "They are aimed at fellow Americans", the economist said.
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