Looking to win a trade war which has spanned more than a decade and has escalated in recent months, China has now sanctioned 333 items from the United States.
U.S. President Trump and his administration matched the new wave of sanctions which included “25 percent tariffs on $16 billion worth of each other’s goods,” Fox Business reports.
“That makes it $50 billion worth of imports subjected to tariffs on either side since early July,” the report continued. The trade war, which has seen glimpses of potentially ending, has continued amid determined, unmoved leadership on both sides.
Because China has more exports to the United States, with a smaller economy, economic experts predict they will be the first to cave to the demands of President Trump.
— FOX Business (@FoxBusiness) August 19, 2018
From Fox Business:
China’s Commerce Ministry said Washington was “remaining obstinate” by implementing the latest tariffs, according to Reuters.
The next round could see a list of an additional $200 billion worth of Chinese imports face duties.
The tariffs took effect while US and Chinese officials hold two days of talks in Washington.
President Trump has threatened to impose duties on virtually all of the more than $500 billion of Chinese goods exported annually to the United States unless Beijing agrees to sweeping changes to its intellectual property practices, industrial subsidy programs and tariff structures and buys more U.S. goods.
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According to the report, the new sanctions affect semiconductors, plastics, chemicals, railway equipment, and other products which would otherwise bolster China’s technological and industrial plan.
Conversely, China has placed sanctions on coal, copper scrap, fuel, steel products, buses, and medical equipment.
The U.S.-China trade war escalated overnight with new tariffs on $16 billion worth of imports from each side. pic.twitter.com/nunkjK6RGJ
— TODAY (@TODAYshow) August 23, 2018
Here’s more, per CBS News:
Trump also has proposed another possible round of tariff hikes imposing 25 percent increases on an additional $200 billion of Chinese goods. Beijing issued a $60 billion list of American imports for retaliation if Washington goes ahead with that.
That smaller target list reflects the fact that Beijing is running out of American goods for retaliation due to their lopsided trade balance.
China’s imports from the United States last year totaled about $130 billion. That leaves about $20 billion for penalties after tariffs already imposed or planned on a total of $110 billion.
Chinese authorities have said they will take “comprehensive measures,” which companies worry could mean targeting operations of American businesses in China for disruption.
Mr. Trump said last month he’s ready to hit all goods imported from China with tariffs.
“I’m not doing this for politics, I’m doing this to do the right thing for our country,” Trump said, as CBS News reports. “We have been ripped off by China for a long time.”