United States unveils next round of tariffs on importing of Chinese goods
Tariffs on Chinese imports to hit $50 billion from Aug 23; Beijing retaliates
The first round of President Donald Trump's punitive tariffs on China will hit the full $50 billion in goods starting August 23, the government announced Tuesday. Washington already imposed 25 per cent tariffs on $34 billion in Chinese products on July 6. But it held off on a final $16 billion as a result of concerns raised by US companies.
Although the move was expected, it cements the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies that have continued to exchange threats.
China has already retaliated with duties of its own, and has pledged to match the US dollar-for-dollar with new tariffs, including on the next $16 billion. Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation.
Washington and Beijing are locked in battle over American accusations that China's export economy benefits from unfair policies and subsidies, and especially from the theft of American technological know-how.
Germany warns US over Iran sanctions
Berlin: German Foreign Minister Heiko Maas warned yesterday that US President Donald Trump's decision to reimpose sanctions on Iran could further destabilise the Middle East and boost radical forces in the region.
China's imports exceed its exports
Beijing: Amid the trade war with the US, China has reported a current account deficit of $28.3 billion in the first half of this year, which is the first in 20 years. China also recorded its first quarterly current account deficit in nearly 17 years this year, ending its dream run of accumulating trade surplus as top exporter for years.
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