Trump going ahead with taxes on $16B in Chinese imports

Trump going ahead with taxes on $16B in Chinese imports

An earlier round of tariffs that went into effect on July 6 applied to $34 billion in imports.

"We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than USA tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation".

Amid a steep correction in crude prices, China said on Wednesday that it would impose a 25-percent tariff on U.S. imports worth US$16 billion, including crude oil, diesel, cars, coal, and steel products, in retaliation to the U.S. list of US$16 billion worth of Chinese imports that will be taxed by U.S. authorities from August 23.

While trade tensions are being ratcheting up, China's trade surplus with the USA stood at US$28.1 billion in July, close to the record-high in June, data released Wednesday showed. China's exports to the United States fell by 2.5 percent to $41.5 billion month-on-month, while imports of USA goods plunged 1.5 percent to $13.4 billion, according to data from General Administration of Customs on Wednesday, as quoted by the media. That was off slightly from June's 13.6% rate but still stronger than China's global export growth.

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He said, the "unlawful act, which was done without the knowledge of the Presidency, is condemnable and completely unacceptable". Daura has since been directed to hand over to the most senior officer of the State Security Service until further notice.

Washington imposed tariffs on $34 billion of Chinese products on July 6.

The world's two biggest economies are locked in a trade dispute over Washington's charges that China uses predatory tactics in a drive to supplant US technological supremacy.

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

Additionally, an executive from China's Dongming Petrochemical Group said at the time that he expected Beijing to soon impose the tariff on USA oil imports.

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He called on the countries of Europe to join the USA , saying, "The time has come to stop talking; the time has come to do". The European Union has also spoken out against the sanctions, vowing to protect firms doing "legitimate business".

The latest commentary from state media on Wednesday took a softer line after resorting to personal attacks against Trump earlier in the week, saying China could get through the storm but refrained from directly mentioning the US President.

"Although this may for a moment bring preening with delight, it will make it hard to resolve economic imbalances or out of kilter politics and other deep-rooted problems", it said.

The tariff will mostly apply to industrial equipment, like tractors and chemicals.

Just last week, China's Unipec, the trading arm of state oil major Sinopec, suspended crude oil imports from the United States due to the growing trade spat between Washington and Beijing.

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Peter Carr, spokesman for the special counsel's office, declined to comment on Trump's Twitter post. Trump himself is reportedly pushing for the interview to happen.

The Office United States Trade Representative (USTR) announced the tariffs in a statement released on Tuesday afternoon US time.

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