China to slap additional tariffs on $16 billion of U.S. goods

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They appear far from a resolution. and according to US local news outlets, the USTR is reviewing the 10 percent tariffs on a further 200-billion USA dollars of Chinese imports...and is considering raising the rate to 25 percent.

President Trump had repeatedly expressed discontent over the USA trade deficit with China, accusing the country of unfair trade practices, intellectual property theft, currency manipulation, and of providing state aid to Chinese firms.

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. For instance, the major complaint is about the theft of USA intellectual property by Chinese firms.

The US will impose 25 percent tariffs on $16 billion (€13.7 billion) worth of Chinese imports, in addition to the tariffs already in place, the Trump administration announced on Tuesday.

China, on the other hand, argues that the tariffs violate World Trade Organization rules and only harm both countries.

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China in turn retaliated by proposing tariffs on $60 billion worth of USA goods, with the extra levies ranging from 5 to 25 percent.

A US-China trade war will reduce global output by 0.7 percent by 2020, with China's economy taking a 1.3 percent hit and US GDP dropping 1 percent, Oxford Economics said in a research note Tuesday, before the new list was released.

A list published by the U.S. Trade Representative's office indicated 279 import product lines for tariffs. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs.

China has been retaliating in kind.

May 29: The White House announces the tariffs on $50 billion of Chinese goodswill move forward, with the final list of goods released June 15.

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June 15: Trump rolls out thefinal list of goods subject to new tariffs. So far, despite the rhetoric, only $37bn worth of imports into China and the United States have actually been affected.

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.

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.

USA industries and farmers have been caught in the crossfire, and the Trump administration announced $12 billion in aid to help farmers hurt by Chinese duties on crops such as soybeans.

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