US finalizes next China tariff list targeting $16 billion in imports

Beijing has called on United States officials to be "cool headed", but fired back warning it would impose duties on an additional $60 billion in U.S. goods, a threat the White House dismissed as "weak".

The list of USA imports affected by the taxes includes coal, oil, chemicals and some medical equipment.

As early as July 5, the story of tariffs on USA crude by China had been floated.

Amid a steep correction in crude prices, China said on Wednesday that it would impose a 25-percent tariff on U.S. imports worth US$16 billion, including crude oil, diesel, cars, coal, and steel products, in retaliation to the U.S. list of US$16 billion worth of Chinese imports that will be taxed by U.S. authorities from August 23. In response, China has threatened up to 25 per cent tariffs on US$60 billion in American imports.

In a statement, the Chinese Commerce Ministry charged that the United States "once again put domestic law above worldwide law by imposing "very unreasonable" new tariffs on Chinese goods".

In July, the administration imposed 25% tariffs on $34 billion in Chinese imports. Those duties could be in place after a comment period ends on 6 September.


"My expectation is that U.S. tariffs on $250 billion of imports from China will be in effect about a month prior to the November U.S. elections". President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion previous year.

Announcing the new duties, the US Trade Representatives Office: "China directs and unfairly facilitates the systematic investment in, and acquisition of, US companies and assets to generate large-scale technology transfer". But it was 11% higher than in the same month previous year.

Sales to the U.S. rose by 13.3%, while China's surplus with the States shrank marginally to $28.1bn (£21.7bn) last month from a record $29bn (£22.4bn) in June. While there's no major risk of the world lapsing into "damaging stagflation", the possibility remains of a "bigger blow-up" that sharply reduces trade, as in the 1930s, it said. 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.

Chinese state media has said Beijing will not be cowed by Washington's threats. Tariffs would make USA oil uncompetitive in China.

June 18: Trumpthreatens a 10% tariff on another $200 billion worth of Chinese goods.

The move is the latest escalation of President Donald Trump's trade war with China.

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