China to hit U.S. with tariffs on U.S. imports worth $16bn

The new set of measures are the second tranche of tariffs that President Donald Trump originally announced in March, following tariffs imposed on $34 billion worth of Chinese imports that went into effect in early July.

And the conflict is likely to escalate: The administration is preparing tariffs of up to 25 percent on an additional $200 billion in Chinese products.

Beijing has announced plans to retaliate immediately against the latest round of USA tariffs on Chinese imports by slapping a wide range of American products, worth $16 billion, with a 25 percent levy.

After months of escalation, business communities in both countries are wondering when and how the trade confrontation will end.

China has already retaliated against the United States with its own tariffs and proposed others if Washington goes ahead with all its threats.

In April, the administration had announced plans to slap tariffs on 1,333 Chinese product lines worth $50 billion a year.

The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed that "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce".

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. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs. "The risk is that the USA administration's gamble to strong-arm China into giving into all United States demands without some compromise only leads to successive rounds of higher and higher tariffs".

June 15: Trump rolls out thefinal list of goods subject to new tariffs.

China's exports grew faster than expected in July, while imports surged, showing both domestic and global demand continue for now to shrug off the uncertainty of the trade conflict with the US.

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.

China has now either imposed or proposed tariffs on $110 billion of US goods, representing the vast majority of China's annual imports of American products.

Washington imposed 25% duties on $34bn (£26.3bn) of Chinese goods on 6 July in response to those complaints.

U.S. 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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