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US-China trade war soars with new tariffs from both sides

23
Aug '18
US-China trade war soars with new tariffs from both sides
The United States today imposed 25 per cent tariffs on another $16 billion worth Chinese imports even as talks between both sides are under way. China followed suit by slapping the same level of tariffs on $16 billion worth US goods, including Harley motorcycles and orange juice. President Donald Trump said recently that he did not expect much from the talks.

US Treasury's David Malpass, undersecretary for international affairs, is leading two days of talks with China's vice commerce minister Wang Shouwen and vice finance minister Liao Min that started on August 22.

The US action completes the first round of $50 billion in products that President Donald Trump declared he would target after $34 billion worth goods were hit with punitive duties on July 6.

The Chinese commerce ministry said it would lodge a complaint about the new US tariffs with the World Trade Organisation.

But top US lawmakers, including President Trump, have said that China cannot continue to retaliate at the same pace as the United States, according to world news wires.

The possibility of new duties on another $200 billion worth Chinese goods and President Trump's proposed 25 per cent taxes on all auto imports to protect the US industry are being awaited.

Thousands of large and small companies and industry groups in the United States have urged the Trump administration to reconsider the tariffs, but the government has been largely seen ignoring such petitions, as only a handful of product lines have been shielded from the punitive duties. (DS)

Fibre2Fashion News Desk – India


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