Economy

China Strikes Back With Second Tranche of Tariffs

China Strikes Back With Second Tranche of Tariffs

In response, China has threatened up to 25 per cent tariffs on US$60 billion in American imports. China's exports to the U.S. fell by 2.5 percent to $41.5 billion month-on-month, while imports of USA goods plunged 1.5 percent to $13.4 billion, according to data from General Administration of Customs on Wednesday, as quoted by the media. -China tariff war as both sides dig into entrenched positions.

The duties are part of a broader round of USA tariffs on $50bn worth of goods announced in March. "This is a very unreasonable practice", the Chinese commerce ministry said on Wednesday.

World financial markets have taken a battering in recent months as fears grow that Trump's "America First" policies could derail a global economic revival. Those new tariffs, totaling $16 billion, will be levied against 279 products, including motorcycles, steam turbines and railway cars.

China's threats to slap more tariffs on American products is causing more anxiety among agriculture producers in Washington state.

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Workers with heavy machinery are searching the rubble of homes, schools and mosques, with hope of finding any survivors fading. Some villages had "completely collapsed", said a Red Cross official in Lombok, Christopher Rassi.

USA 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.

The Chinese government has said it would impose duties as high as 25% on American products like meat, coffee, nuts and auto parts.

After months of skirmishing between the two economic powers, US customs officers began collecting the first tariffs from importers of Chinese products on July 6.

Over the weekend, Trump said he had the upper hand in the trade war, while Beijing responded through state media by saying it was ready to endure the economic fallout.

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China, however, would run out of US imports to levy, as it bought only $130 billion worth of American goods a year ago.

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.

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.

"Trump has given China little wiggle room to save face and come to the bargaining table", he said. That's 24% of all Washington exports according to the Washington Department of Agriculture.

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Coleman tallied just 56 receptions for 718 yards and five touchdowns in 19 games over two seasons with the Browns. Coleman was named in a police report regarding an alleged felonious assault past year .


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