As US slaps on fresh tariffs, China fires back

As US slaps on fresh tariffs, China fires back

As US slaps on fresh tariffs, China fires back

Representatives for the White House, the U.S. Trade Representative and the U.S. Department of Commerce did not immediately reply to requests for comment.

The Trump administration has deepened its trade war with China by announcing a new round of tariffs worth $US16 billion ($22 billion), a move the Chinese government has warned will trigger another round of retaliatory tariffs on U.S. exports. China's latest tariffs will be implemented on August 23, in tandem with the U.S.

Additionally, an executive from China's Dongming Petrochemical Group said at the time that he expected Beijing to soon impose the tariff on us oil imports.

The US is also considering further tariffs on another $200bn worth of Chinese goods which could come into effect in September.

The US is now considering tariffs on another $200bn in goods, including consumer products that were spared in the initial round. Chinese imports of goods and services into the United States previous year amounted to almost $524 billion.

The decision follows Washington's announcement Tuesday that it will implement levies on $16 billion of Chinese products starting from the same date. That was off slightly from June's 13.6% rate but still stronger than China's global export growth.

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"The risk is that the U.S. administration's gamble to strong-arm China into giving into all USA demands without some compromise only leads to successive rounds of higher and higher tariffs".

The world's two biggest economies are locked in a trade dispute.

The Trump administration has accused China of unfair trade practices, and President Donald Trump has long vowed to bring down the United States' trade deficit in goods with Beijing.

In June, China's crude oil imports had dropped for a second consecutive month and hit their lowest level since December 2017 on the back of trimmed purchases by the independent refiners-the so-called "teapots".

Among the products removed from the earlier list on $16 billion of imports were shipping containers, including those used by freight companies.

Negotiations broke off after the Trump administration imposed the tariffs on $34 billion in Chinese imports, a move the Chinese said would void any promises they'd made in negotiations.

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