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China set to respond to new round of United States tariffs
09 August 2018, 01:27 | Hattie Nash
China Tariffs on $16B Finalized for August 23 by Trump Administration STR AFP Getty Images 7 Aug 2018Washington DC
Announcing the new duties, the US Trade Representatives Office: "China directs and unfairly facilitates the systematic investment in, and acquisition of, US companies and assets to generate large-scale technology transfer".
The dispute has continued to escalate, as Trump last week threatened to jack up the tariff rate on the next US$200 billion in Chinese imports his administration plans to target to 25 per cent, from the planned 10 per cent.
"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 chipmakers, not China's, and will do nothing to stop China's problematic and discriminatory trade practices", he said. The additional tariffs will go into effect on August 23.
The U.S. action that prompted the Chinese retaliation was the latest by President Donald Trump to put pressure on China to negotiate trade concessions, after Washingtonimposed tariffs on $34 billion United States in goods last month. Those duties could be in place after a comment period ends on 6 September. President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion a year ago.
Prior to the beginning of what is being dubbed as a "trade war" Chinese electric bikes were subject to no tariff and motors just 4%.
Sales to the USA rose by 13.3%, while China's surplus with the States shrank marginally to $28.1bn (£21.7bn) last month from a record $29bn (£22.4bn) in June.
China's exports to the United States rose 13.3 percent in the first seven months of 2018 from a year earlier, compared with a 13.5 percent rise in Jan-June. Also removed were splitting, slicing or paring machines.
Chinese state media has said Beijing will not be cowed by Washington's threats.
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The US and China have been trying to restart high-level talks that broke off after Trump followed through on his tariff threats.
The two sides held three rounds of formal talks, beginning with a delegation to Beijing led by Mnuchin in May. But within days, Trump himself backed away from the deal, saying talks would "probably have to use a different structure".
The tariffs will come into effect simultaneously with the U.S. ones, at 12:01 pm in Beijing, according to the statements.
US President Donald 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.
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