China exports top forecasts but warning over United States tariffs impact

Cars to be exported are seen at a port in Lianyungang Jiangsu province China

Due to higher imports, the trade surplus fell to $28 billion in July, which was below the expected $38.9 billion level.

Trump directed the Office of Trade Representative earlier this month to consider imposing a 25% tariff on an additional $200 billion worth of Chinese goods, including fruit and vegetables, handbags, and refrigerators.

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 that have continued to exchange threats.

American imports far more from China than the other way around, meaning Beijing may at some point need to look for other means of retaliation.

China said Wednesday it will impose 25 per cent tariffs on a further $16 billion of United States goods, making good on its promise to retaliate against new American levies.

On July 6, the USA began taxing the 818 goods, worth $34 billion ($50 billion), remaining from the April list.

China has been retaliating in kind.

The tariffs follow a first round of taxes on $34 billion of imports from China that began July 6, bringing the total to $50 billion.

Trump has boasted that trade wars are "easy to win" and warned he would hit virtually all Chinese imports if Beijing does not back down and take steps to reduce its $335 billion surplus with the US.

Meanwhile, uncertainty remains as to whether the USA will follow through with threats of tariffs on $200 billion of Chinese imports, which were proposed in July.

The new tariffs will be applied to a list of 279 products, including motorcycles, speedometers and antennas, in the second round of tariffs applied by the United States on Chinese goods, despite persistent warnings by American businesses that the tariffs will affect U.S. consumers.

The US-China trade war will cut the global GDP by 0.7% by 2020, Oxford Economics said in a note on Tuesday.

USA industries and farmers have been caught in the crossfire, and the Trump administration announced $12bn in aid to help farmers hurt by Chinese duties on crops such as soybeans.

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