United States to impose $16 billion import tariffs on China

U.S.-China trade war update Motorcycles and railway cars are among the $16 billion in items U.S. is targeting next

The Trump administration has deepened its trade war with China by announcing a new round of tariffs worth $US16 billion ($22 billion), a move the Chinese government has warned will trigger another round of retaliatory tariffs on United States exports.

The Semiconductor Industry Association said in a statement that tariffs imposed on semiconductors imported from China will hurt American chipmakers rather than Chinese firms. They will take effect on August 23.

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.

"We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than U.S. tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation".

On Tuesday, the administration said it had made a decision to go ahead with tariffs on 279 of the 284 items added in June; they're worth about $16 billion a year.

Economists say China appears to be taking a more hands-off approach to the yuan, which marked its worst 4-month fall on record between April and July and has provided some reprieve for exporters in the face of the rising trade tensions.

All in all, China's trade surplus with the United States shrank to $28.08 billion in July against $28.97 billion in the previous month.

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A first tranche, on $34bn worth of goods, went into effect in July. And Mr. Trump has threatened to impose tariffs on virtually everything China sells to the United States.

Among the products removed from the earlier list on $16 billion of imports were shipping containers, including those used by freight companies.

The latest $16 billion list from the United States will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea.

May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs. Chinese imports worth $34 billion would be subject to the new 25% tariff as of July 6, with another $16 billion worth of imports subject to the tariff at a later date.China retaliateswith an equivalent set of tariffs.

The new tariffs, the latest in the ongoing trade spat between US and China, target industrial supplies, chemicals, motorcycles, tractors and tractor parts, rail cars, auto parts, some iron and steel, motor and machine components and more.

It will be the second time the U.S. slaps duties on Chinese goods in about the past month, despite complaints by American companies that such moves will raise business costs and eventually consumer prices.

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