Published: Fri, August 10, 2018
Markets | By Josh Butler

Trump administration announces $22b in fresh tariffs on China

Trump administration announces $22b in fresh tariffs on China

The escalating trade conflict between the world's two largest economies...has seen the two sides impose tariffs on 34-billion dollars worth of each other's goods.

China said it will begin imposing 25 per cent duties on an additional US$16 billion of American goods immediately after USA levies take effect, making good on its pledge to retaliate in kind.

"This is a very unreasonable practice", the Chinese commerce ministry said of the US action on Wednesday as it rolled out China's counter-tariffs.

Vacationing at his Bedminster, New Jersey golf club, the president on Tuesday promised a dinner gathering of chief executives that the United States and China would soon have a "fantastic trading relationship". The tariffs will come into effect simultaneously with the U.S. ones, at 12.01 pm in Beijing, according to the statements.

"This is a very unreasonable practice", the Chinese commerce ministry said on its website.

Over $480 million worth of Washington agriculture exports are impacted by Chinese tariffs.

A list published by the U.S. Trade Representative's office indicated 279 import product lines for tariffs. China placed tariffs on US imports including pork and soybeans. But it held off on a final $16 billion as a result of concerns raised by U.S. companies.

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Beijing has called on USA officials to be "cool headed", but has warned it will retaliate against any tariffs with its own measures.

March 1: President Donald Trump announcestariffs on all imports of steel and aluminum, including metals from China. The new list covers products ranging from motorcycles to steam turbines and railway cars.

"Under the threat of tariffs, the U.S.is benching businesses and encouraging the Chinese to import goods from America's foreign competitors", Chandler said.

Administration officials believe that the $505 billion Americans spend on Chinese products each year gives them leverage over China.

The U.S. economy grew at an annual rate of 4.1 percent in the second quarter of 2018, which pundits believe is likely to slow down in the second half of the year, as fiscal stimulus fades and the Federal Reserve further increases interest rates. Schneider National Carriers Inc. and other firms testified during a hearing July 24-25 in Washington that there are no U.S. manufacturers and that the containers are nearly exclusively made in China.

This article was written by Damian Paletta, Amanda Erickson and David J. Lynch, reporters for The Washington Post.

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