China in fresh $16bn U.S. tariffs

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The Trump administration announced an expected second, $16 billion tranche of tariffs on Chinese goods Tuesday, bringing the total amount of Chinese exports subject to new USA tariffs to $50 billion. The latest retaliatory tariffs would cover more than $3 billion in Texas exports, accounting for about 20 percent of the total hit, according to data collected by the U.S. Census Bureau.

The U.S. levied 25 per cent duties on US$34 billion in Chinese goods on July 6, prompting swift in-kind retaliation from Beijing.

In July, the Chinese trade surplus with the United States dropped three percent, reports South China Morning Post.

China's Commerce Ministry called the USA decision to place the latest round of tariffs on Chinese goods "unreasonable", and said it chose to take counter measures, matching the tariffs in percentage and value.

"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".

Beijing has called on USA officials to be "cool headed", but has warned it will retaliate against any tariffs with its own measures.

May 29: The White House announces the tariffs on $50 billion of Chinese goodswill move forward, with the final list of goods released June 15.

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In the meantime, it sought public comment on the new items.

Talks between Washington and Beijing are at an impasse in the ongoing trade spat, with both sides continuing to threaten new tariffs.

Chinese and U.S. flags are set up for a signing ceremony during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018.

China's payback presents its own challenges.

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.

China's July exports rose 12.2 percent from a year earlier, beating forecasts for a 10 percent increase according to the latest Reuters poll, and up from a 11.2 percent gain in June. The financial pain so far has been felt by individual companies or industries - and their workers - rather than by either the overall USA or Chinese economy.

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