Trump going ahead with tariffs on $16B in Chinese imports

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The first round of President Donald Trump's 25 percent punitive tariffs on China will hit $50 billion in goods starting August 23, the government announced Tuesday.

The US will impose a 25% tariff on $16 billion worth of Chinese goods starting August 23.

The US is now considering tariffs on another $200bn in goods, including consumer products that were spared duties in the initial $50bn round.

China has already retaliated with duties of its own, and has pledged to match the U.S. dollar for dollar with new tariffs.

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

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Wednesday's Chinese data provide the first readings of the overall trade picture for the world's second-largest economy since U.S duties on $34 billion of Chinese imports came into effect on July 6.

A US-China trade war will reduce global output by 0.7% by 2020, with China's economy taking a 1.3% hit and US GDP dropping 1%, Oxford Economics said in a research note on Tuesday, before the new list was released.

In July, the US and China exchanged tariffs on $34 billion worth of goods.

The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed that "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce". So far, despite the rhetoric, only $37bn worth of imports into China and the U.S. have actually been affected.

Economists warn that a prolonged trade war between China and the USA could end up increasing prices for American consumers and hurting United States businesses.

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In a statement, the Chinese Commerce Ministry charged that the United States "once again put domestic law above worldwide law by imposing "very unreasonable" new tariffs on Chinese goods". And Mr. Trump has threatened to impose tariffs on virtually everything China sells to the United States.

April 4: China rolls out a listof more than 100 U.S. goods worth roughly $50 billion that are subject to retaliatory tariffs.

Front page commentary published across all state newspapers by the official Xinhua news agency said: "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".

"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.

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..."

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