China to hit United States with tariffs on U.S. imports worth $17bn

China to hit United States with tariffs on U.S. imports worth $17bn

The Trump administration has maintained that the tariffs are necessary to force China into changing economic behavior it says harms the US.

China is slapping additional import tariffs of 25 percent on $16 billion worth of USA goods ranging from oil and steel products to autos and medical equipment, the commerce ministry said, as the world's two largest economies escalate their trade dispute.

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

The Trump administration ramped up the pressure for trade concessions from Beijing last week by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports.

UBS Wealth Management CIO Mike Ryan on a new study on US business owners' views about the economy and tariffs. So far, the US and China have used a tit-for-tat strategy that has involved answering one country's increased tariffs with the other country boosting the amount too. The new list covers products ranging from motorcycles to steam turbines and railway cars.

A first tranche of tariffs, on $34bn worth of goods, went into effect in July.

Google Pixel 3 leaks again with USB C Pixel Buds in tow
You will still find the main camera and LED flash on the top left-hand side with a fingerprint sensor on the back. It's quite possible this "unboxing" is simply a dummy model placed in the trappings of a Google Pixel 2 XL.

April 3: The US trade representativeannounces a list of Chinese goodssubject to the tariffs. Big-ticket USA items that are still not on any list are crude oil and large aircraft.

China has already retaliated with duties of its own, and has pledged to match the United States dollar-for-dollar with new tariffs, including on the next $16 billion.

In the meantime, it sought public comment on the new items.

Gary Hufbauer, a senior fellow and trade expert at the Peterson Institute for International Economics in Washington, said he expected that there would be little to stop further escalation of the U.S. Because "Texas is on the front line of the dispute", he said, with energy companies being squeezed by tariffs on all sides. China responded by promising to hit $60 billion worth of U.S. goods coming into the country with tariffs. That's soon enough to be used by Trump as a rallying argument, but late enough so that adverse effects will not occur before January 2019.

"Currency devaluation, which may have helped exports to some extent, has been largely market-driven in our view and is not a preferred policy tool by Chinese policy makers as part of the retaliation measures", Wang said.

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.

Related Articles

  • Snapchat lost 3 million daily users in the past three months

    Snapchat lost 3 million daily users in the past three months

    After the report was released, Snap's stock price rose slightly to $13.20 from the regular session's close of $13.12. The company also said its cash burn was up to $234 million from $229 million in the same quarter of 2017.
    Universal's Cowboy Ninja Viking Has Delayed Production Indefinitely

    Universal's Cowboy Ninja Viking Has Delayed Production Indefinitely

    MacLaren and Pratt will still remain attached to the project, with Chopra staying on if the scheduling ultimately works out. But turns out that will have to wait because the movie has been delayed indefinitely.
    Ben Stokes felt

    Ben Stokes felt "under threat of immediate attack" moments before brawl

    They had been in there earlier with England team-mates, who had played the West Indies in a one-day worldwide the previous day. She told the court the cricketer had been "squaring up" to a group of men at the side of the road as she approached them.
  • Federal government announces drought aid

    Federal government announces drought aid

    Meantime, our farmers - the backbone of this country, the source of the very food on our tables - are crying out for help. Meanwhile, the prime minister has been dragged back into debate over the impact of climate change on drought.
    Meghan Markle’s Birthday Gifts: What She Can and Can’t Keep

    Meghan Markle’s Birthday Gifts: What She Can and Can’t Keep

    I don't want to disrespect you, but I've known for nearly ten years. He was thanking me for making her look like herself'.
    New Ebola deaths in DRC

    New Ebola deaths in DRC

    The swift vaccinations of more than 3,300 people helped in containing the previous outbreak in the northwest Equateur province. More than one million displaced people are now residing in the affected region, which shares borders with Rwanda and Uganda.
  • Molinari dreams big at 100th PGA - English

    Molinari dreams big at 100th PGA - English

    He had to learn how to swing. "It's certainly close ", McIlroy said. "To get to this point is a phenomenal achievement already". It's a pretty surreal scene - and a pretty scene, too, with hues of the color green you didn't know they could make.
    NYC Council approves cap on app-based ride-hail vehicles, citing congestion

    NYC Council approves cap on app-based ride-hail vehicles, citing congestion

    In a statement Uber spokesperson Danielle Filson said the council's decision would not improve congestion in the city. But Councilwoman Laurie Cumbo, a Democrat, said Uber will still be available despite the moratorium on new cars.
    Iran's Oil Exports Slip for Third Consecutive Month over U.S.  santionsNaija247news

    Iran's Oil Exports Slip for Third Consecutive Month over U.S. santionsNaija247news

    But new data released on Monday showed Saudi Arabia's oil production fell in July by 200,000 bpd from the month earlier. Front-month Brent crude oil futures were at $74.85 a barrel at 9.51am GMT, up 20c, or 0.25%, from their last close.
  • Kourtney Kardashian and Younes Bendjima's Split: Everything We Know

    Kourtney Kardashian and Younes Bendjima's Split: Everything We Know

    According to multiple reports, Kourtney Kardashian and her beau Younes Bendjima have called time on their two-year relationship. The report was accompanied by photos of Younes hugging up on Jordan Ozuna , who has previously dated Justin Bieber and Tyga .
    All you need to know about new Women's Open champion — Georgia Hall

    All you need to know about new Women's Open champion — Georgia Hall

    The Bournemouth-born golfer beat closest rivals Pornanong Phatlum and Ryu So-yeon to finish with an aggregate score of 17 under. Hall was able to enjoy the walk down the 18th - by then she had a three-shot lead and she played for a safe bogey.
    Hurricane Hector forecast to roar by Hawaii this week

    Hurricane Hector forecast to roar by Hawaii this week

    Meteorologist Melissa Dye says the southern half of the island should brace for winds of 35 miles per hour (56.3 kph) or higher. Hurricane Hector is now 1,130 miles southeast of Big Island and moving west, according to the NHC's latest advisory.