China Slams 25-Percent Tariff On American Cars And Motorcycles

China Slams 25-Percent Tariff On American Cars And Motorcycles

The Trump administration says it will go ahead with imposing 25 percent tariffs on $16 billion in Chinese imports.

"This is a very unreasonable practice", the Chinese commerce ministry said of the USA action on Wednesday as it rolled out China's counter-tariffs.

China's exports surged more than expected in July despite US duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth.

China has repeatedly warned it will strike back against any further punitive measures by Trump, saying the United States is threatening the global free trade order with its protectionism. This is the second tranche of such tariffs and comes into effect on August 23.

Having claimed that "trade wars are good and easy to win", President Trump has said that he is prepared to hit up to $500 billion of Chinese goods with taxes in an attempt to reduce America's...

"Whether you're a farmer, a fisherman, or a factory worker one thing is clear - tariffs are counterproductive for long-term U.S. economic success", Myron Brilliant, vice president for worldwide affairs at the U.S. Chamber of Commerce, said in a statement. The financial pain so far has been felt by individual companies or industries - and their workers - rather than by either the overall USA or Chinese economy.

China's trade with the US also continued to rise in July despite the tariffs, with exports up 11.2 percent year-on-year, and imports increasing 11.1 percent.

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The first $34 billion in US tariffs, including on Chinese-made plastics equipment, began July 6.

March 1: President Donald Trump announcestariffs on all imports of steel and aluminum, including metals from China.

The Trump administration has proposed 10 percent tariffs on an additional $200 billion in Chinese imports - which ACC estimated includes $16.4 billion in chemicals and plastics.

Among the products removed from the earlier list on $16 billion of imports were shipping containers, including those used by freight companies. The list is heavy on industrial products such as steam turbines and iron girders.

Administration officials believe that the $505 billion Americans spend on Chinese products each year gives them leverage over China. Schneider National Carriers Inc. and other firms testified during a hearing July 24-25 in Washington that there are no United States manufacturers and that the containers are nearly exclusively made in China.

According to a study released Tuesday by the U.S. Federal Reserve Bank of Atlanta, Washington-fueled trade tensions with other economies have prompted nearly a fifth of U.S. businesses including about 30 percent of manufacturers to review their capital spending plans. But it was 11 percent higher than in the same month past year.

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