The trade war between the US and China continues to escalate, with China slapping a 25% tariff on another $16 billion worth of USA goods.
"In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions", the Chinese State Council Tariff Commission said in a statement last Friday.
The US is now considering tariffs on another $200bn in goods, including consumer products that were spared duties in the initial $50bn round.
The taxes were the second tranche of a planned $50 billion package that began on July 6 when the U.S. slapped duties on $34 billion in Chinese goods, provoking a dollar-for-dollar response from Beijing. This round had proposed a 10% tariff, though President Trump has successfully lobbied for this too to raise to 25%. Those duties could be in place after a comment period ends on 6 September. Those new tariffs, totaling $16 billion, will be levied against 279 products, including motorcycles, steam turbines and railway cars.
Still, there's little sign the trade threat is hurting shipments just yet.
Chinese exports increased 12.2pc in July compared with the previous year in dollar terms.
Apples are the seventh largest export to China.
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A US-China trade war will reduce global output by 0.7 per cent by 2020, with China's economy taking a 1.3 per cent hit and US GDP dropping 1 per cent, Oxford Economics said in a research note Tuesday, before the new list was released.
The world's two biggest economies are locked in a trade dispute. But it held off on a final $16 billion as a result of concerns raised by United States companies.
"We'll know China is really feeling the pressure when they start stirring nationalist sentiment or calling for boycotts against USA", said Bruce Andrews, managing director of Rock Creek Global Advisors. Also removed were splitting, slicing or paring machines. Over the weekend, Trump told a rally he holds the advantage over China, adding playing hardball on trade is "my thing".
Chinese and U.S. flags are set up for a meeting during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018.
The U.S. announced its additional tariffs Tuesday. But within days, Trump himself backed away from the deal, saying talks would "probably have to use a different structure".
Such practices include rules compelling companies in certain sectors to take on local partners if they want to do business in China. Washington has long criticized China's trade surplus with the United States and has demanded Beijing cut it.