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China to Slap $ 16bn Retaliation Tariffs on US Imports



China will introduce 25% duty for goods from the US to $ 16 billion from August 23



14.Aug.18 3:04 PM
By Jeff Bannister
Photo China

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China to Slap $ 16bn Retaliation Tariffs on US Imports
China will introduce 25% duty for goods from the US to $ 16 billion from August 23, the country’s Ministry of Finance said. The move came in response Washington’s finalized list of Chinese goods worth $ 16 billion, which will be introduced similarly on August 23.

Beijing did the same thing in early July, as soon as the administration of US President Donald Trump imposed 25% tariffs on Chinese imports worth $ 34 billion. To date, the US and China imposes $ 50 billion in mirrors tariffs.

The parties are not yet going to end the trade conflict. In July, Washington began considering the imposition of 10% tariffs on imports of Chinese goods worth $ 200 billion, and on 1 August threatened to raise them to 25%. Later in the day, the US will hold hearings on the goods that are on this list.

President Trump is dissatisfied with the huge deficit in trade with China. Last year, it amounted to $ 376 billion.

The beginning of the trade war has not yet affected the trade performance of China, the Financial Times said. In July, its exports in dollar terms increased by 12.2% over the previous year, surpassing the forecasts of analysts. At the same time, China's surplus in trade with the US declined from a record $ 28.97 billion in June to $ 28.09 billion in July. Last month, the US accounted for 19.3% of China's exports.



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