United States tariffs on China: Trump administration adds $16 billion

A Chinese worker looks on as a cargo ship is loaded at a port in Qingdao Shandong Province

The announcement is the latest round in a tit-for-tat trade conflict between the world's two largest economies which has left global markets on edge.

The Trump administration just announced tariffs on another $16 billion in Chinese imports to the U.S. The tariffs on 279 products, including motorcycles, speedometers and antennas, will take effect August 23.

China responded by promising to hit $60 billion worth of United States goods coming into the country with tariffs.

However, the United States imports far more from China than it exports to it, meaning Beijing may at some point need to look for other means of retaliation.

Trump has claimed in recent tweets that "tariffs are working far better than anyone ever anticipated", linking them to a downturn that has shaved almost a quarter from the value of Chinese stocks since late January. Last year, China imported about $130 billion of US goods.

While trade tensions are being ratcheting up, China's trade surplus with the USA stood at US$28.1 billion in July, close to the record-high in June, data released Wednesday showed.

USA president Donald Trump has threatened to target all $500bn of Chinese imports.

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China has not yet given a date for its previously announced retaliatory tariffs on $16 billion in US goods, which will target commodities such as crude oil, natural gas, coal and some refined oil products.

China has reacted swiftly to Washington's decision to impose a further tariffs on $16 billion-worth of imports from China by announcing its own fresh tariffs, with crude oil included. Beijing is expected to hit $16 billion worth of USA goods with equal tariffs in response to Tuesday's move. The list is heavy on industrial products such as steam turbines and iron girders.

Of more direct outcome in the Sino-U.S. trade war, China's surplus with the United States shrank only marginally to $28.09 billion last month from a record $28.97 billion in June.

A huge headwind on the country's economic growth is the Trump administration's trade policy, said Boudreaux, warning that if it continues "as it's happening now, not only will it slow the economic growth, it might actually reverse it".

The investigation had revealed that China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from USA companies and it deprives United States companies of the ability to set market-based terms in licensing and other technology-related negotiations. That's 24% of all Washington exports according to the Washington Department of Agriculture. "They are aimed at fellow Americans", the economist said.

China deprives US companies of the ability to set market-based terms in licensing and other technology-related negotiations.

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