Trump vows to impose tariffs on more Chinese goods

The White House reportedly had a private meeting with tech industry representatives last week.                  Daniel Terdiman  CNET

On July 6, the USA began taxing the 818 goods, worth $34 billion, remaining from the April list.

The move is the latest escalation of President Donald Trump's trade war with China.

Trump has threatened to levy a 25% tariff on an additional $200 billion worth of Chinese imports to the United States - a move that would blow open the disagreement between the countries.

China will impose tariffs on an additional $16 billion worth of us products, officials announced Wednesday, marking the latest parry in an escalating trade war between the two countries.

At the same time, Beijing reported a $28.1bn trade surplus with the U.S. in July, just below the record $28.9bn seen in June.

The latest charge comes after the US said it would implement another round of tariffs on $16 billion worth of Chinese goods. That was off slightly from June's 13.6% rate but still stronger than China's global export growth.

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

"China conducts and supports cyber intrusions into U.S. commercial computer networks to gain unauthorised access to commercially valuable business information".

The worry is that the escalating Sino-US trade war, rising corporate bankruptcies, and a steep decline in the value of the yuan versus the dollar could put a significant dent on the economy.

Trump has also threatened 25 percent tariffs on another $200 billion worth of Chinese goods, and possibly another $300 billion worth, in his administration's quest for changes to China's intellectual property, market access and industrial subsidy policies.

"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".

"With each successive round of tariffs, Trump continues to back China into a corner, forcing Beijing to respond in kind", said James Zimmerman, a partner in the Beijing office of global law firm Perkins Coie and a former chairman of the American Chamber of Commerce in China.

His administration confirmed that its trade assault would soon cover more than $50 billion of products from 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".

John Neuffer, president and CEO of the Semiconductor Industry Association, said in a statement they were disappointed and puzzled why semiconductors remain on the final tariff list.

So far, China has now either imposed or proposed tariffs on $110 billion of US goods, representing the vast majority of its annual imports of American products.

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