March 22:Trump announces plans to hit$50 billion worth of Chinese goods with a 25% tariff.China announces tariffsin retaliation to the steel and aluminum duties and promises a response to the latest United States announcement.
China's exports surged more than expected in July despite US duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth.
China's exports soared in July, showing little impact from United States tariffs, as Washington finalises more duties on Chinese imports.
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.
The US is now considering tariffs on another $200bn in goods, including consumer products that were spared duties in the initial $50bn round. Chinese data on Wednesday showed exports to the U.S. rose 13.3% in July to $41.5 billion against a year ago. China has responded with retaliatory tariffs of its own.
The office said the move is part of the US response to China's unfair trade practices related to the forced transfer of American technology and intellectual property.
China's surplus with the U.S. shrank marginally to $28.09 billion last month from a record $28.97 billion.
The Trump administration has maintained that the tariffs are necessary to force China into changing economic behavior it says harms the US.
Last week Trump threatened to jack up the tariff rate on the next $200 billion in Chinese imports it plans to target to 25 percent, from the previously stated 10 percent. So far, despite the rhetoric, only $37bn worth of imports into China and the USA have actually been affected. Beijing is expected to hit $16 billion worth of U.S. goods with equal tariffs in response to Tuesday's move.
"Although this may for a moment bring preening with delight, it will make it hard to resolve economic imbalances or out of kilter politics and other deep-rooted problems".
"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.