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Published: Fri, August 10, 2018
Economy | By Melissa Porter

China To Slap Additional Tariffs On $16 Billion Worth Of US Goods

China To Slap Additional Tariffs On $16 Billion Worth Of US Goods

Chinese imports worth $34 billion would be subject to the new 25% tariff as of July 6, with another $16 billion worth of imports subject to the tariff at a later date.China retaliateswith an equivalent set of tariffs. Beijing is expected to hit $16 billion worth of U.S. goods with equal tariffs in response to Tuesday's move. -China tariff war as both sides dig into entrenched positions.

The duties are part of a broader round of tariffs on $50bn worth of goods the USA announced in March.

A Chinese Ministry of Commerce spokesperson wrote in a brief statement on Wednesday that the USA action was "once again overriding domestic law and worldwide law", labelling it "a very unreasonable practice".

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. The list is heavy on industrial products such as steam turbines and iron girders.

Talks between China and the US have failed to produce an agreement on the issue, prompting China to retaliate with tariffs of its own and US President Donald Trump to escalate his threats.

Several industry bodies in the USA representing agribusiness, retail and technology have said the Trump administration's tariffs are hurting them and will cause long-term damage to farmers, manufacturers and consumers.

China fired back with its own warning and said it would impose duties on $60 billion of U.S. goods. In April, the administration had announced plans to slap tariffs on 1,333 Chinese product lines worth $50 billion a year.

"We're in a little bit of a fight with China right now", Trump said, before adding that the two nations would end up with a "fantastic trading relationship".

China's levies will come into force at 12:01 on August 23, according to a statement on the finance ministry's web site.

China placed tariffs on US imports including pork and soybeans.

China buys nearly $18 billion a year worth of goods from Washington state every year.

After Liu visited Washington later that month, the nations released a joint statement pledging to reduce the USA trade deficit with China, among other things. That's 24% of all Washington exports according to the Washington Department of Agriculture.

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