United States unveils next round of tariffs on importing of Chinese goods

Aug 09, 2018, 09:20 IST | Agencies

Tariffs on Chinese imports to hit $50 billion from Aug 23; Beijing retaliates

United States unveils next round of tariffs on importing of Chinese goods
US had imposed tariffs on $34bn of Chinese goods. Pics/AFP

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.

Donald Trump

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.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

Atal Bihari Vajpayee's daughter, granddaughter arrive at Smriti Sthal to collect ashes

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK