First round of U.S. tariffs on Chinese goods to hit $50B - USTR

First round of U.S. tariffs on Chinese goods to hit $50B - USTR

And President Donald Trump has threatened to impose tariffs on virtually everything China sells to the United States. Since then, Washington and Beijing have raised the stakes by threatening more punitive trade measures in an intensifying dispute that has rattled financial markets anxious about the impact on investment and growth.

All in all, China's trade surplus with the U.S. shrank to $28.08 billion in July against $28.97 billion in the previous month.

Mr Trump has said he would be willing to hit all of China's imports with duties.

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

ANZ senior China economist Betty Wang said Beijing will likely resist using its closely managed currency as a tool in the trade war.

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Although the move was expected, it cements the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies.

The world's two biggest economies are locked in a trade dispute over Washington's charges that China uses predatory tactics in a drive to supplant USA technological supremacy.

Of more direct effect in the Sino-U.S. trade war, China's surplus with the United States shrank only marginally to $28.09 billion last month from a record $28.97 billion in June.

John Neuffer, president of the Semiconductor Industry Association, said: "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..."

They appear far from a resolution. and according to USA local news outlets, the USTR is reviewing the 10 percent tariffs on a further 200-billion US dollars of Chinese imports...and is considering raising the rate to 25 percent.

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

Over the weekend, Trump said he had the upper hand in the trade war, while Beijing responded through state media by saying it was ready to endure the economic fallout.

"Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around", the commentary said.

August 1: Washington more than doubles the value of its tariff threats against Beijing, announcing plans to increase the size of proposed duties on $200 billion worth of Chinese goods to 25% from 10%.

"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", it said. Many Chinese semiconductors include basic chips that originate in the US.

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China fired back warning it would impose duties on $60 billion in United States goods.

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