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As US slaps on fresh tariffs, China fires back
09 August 2018, 04:40 | Austin Hogan
China Tariffs on $16B Finalized for August 23 by Trump Administration STR AFP Getty Images 7 Aug 2018Washington DC
In April, the administration had announced plans to slap tariffs on 1,333 Chinese product lines worth $50 billion a year. On Tuesday, the administration said it had chose to go ahead with tariffs on 279 of the 284 items added in June; they're worth about $16 billion a year.
On Tuesday, the Trump administration said it would begin collecting previously announced 25% tariffs on an additional $16bn of Chinese goods from 23 August.
A first tranche, on $34bn worth of goods, went into effect in July. It represents the latest salvo in the ever-expanding trade war between the USA and China.
"My expectation is that U.S. tariffs on $250 billion of imports from China will be in effect about a month prior to the November U.S. elections".
The surplus with the United States was higher than China's overall trade surplus in July, which was $28.05 billion, indicating China ran a net trade deficit with the world excluding the U.S. But it held off on a final $16 billion as a result of concerns raised by U.S. companies. But given the lack of talks and Trump's unclear goals, the trade war doesn't appear to be close to a resolution.
"There is no off-ramp, and Trump has given China little wiggle room to save face and come to the bargaining table", he said.
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"The tariffs have so far had a limited impact on overall trade", China Merchants Securities said in a research note. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs.
"We have made the case to the Administration, in the strongest possible terms, that tariffs imposed on semiconductors imported from China will hurt America's chipmakers, not China's, and will do nothing to stop China's problematic and discriminatory trade practices", he said.
The trade balance between the two countries, which is at the center of the tariffs tussle, continued to be in favor of China. Larger items are also on the list of 333 goods being targeted including large passenger cars and motorcycles as well as various fuels, and fiber optical cables.
Wednesday's knee-jerk reaction to the announcement of the tariffs was a typical move by traders.
July 10: TheUS releases an initial listof an additional $200 billion worth of Chinese goods that could be subject to a 10% tariff.
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