They appear far from a resolution. and according to US local news outlets, the USTR is reviewing the 10 percent tariffs on a further 200-billion USA dollars of Chinese imports...and is considering raising the rate to 25 percent.
Earlier this month, China included for the first time liquefied natural gas (LNG) in its list of goods up for a potential 25-percent import tariff, should the United States impose additional tariffs on Chinese imports. For instance, the major complaint is about the theft of U.S. intellectual property by Chinese firms.
According to the U.S. Trade Representative's office on Tuesday...16-billion worth of Chinese imports will be subject to 25 percent tariffs starting August 23rd.
While trade tensions are being ratcheting up, China's trade surplus with the USA stood at US$28.1 billion in July, close to the record-high in June, data released Wednesday showed.
China's surplus with the United States shrank marginally to $28.09 billion last month from a record $28.97 billion in June.
Although the move was expected, it solidifies the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies.
China's surplus with the U.S. shrank marginally to $28.09 billion last month from a record $28.97 billion.
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The worry is that the escalating Sino-US trade war, rising corporate bankruptcies, and a steep decline in the value of the yuan versus the dollar could put a significant dent on the economy.
The world's top two economies have repeatedly sparred over trade in recent months, in what experts warn may become a devastating cycle of retaliation.
China in turn retaliated by proposing tariffs on $60 billion worth of US goods, with the extra levies ranging from 5 to 25 percent.
The trade representative said the tariffs were a response to an investigation, released this year, which found China's policies on technology transfer, intellectual property and innovation were unreasonable and discriminatory, and placed an unfair burden USA commerce.
In May, Chinese importers trying to beat Beijing's looming counter-tariffs led to a surge in USA exports of crude oil and soybeans, temporarily driving down the trade deficit and helping boost GDP growth in the April-June period to 4.1 percent.
Beijing is expected to hit $16 billion worth of U.S. goods with equal tariffs in response to Tuesday's move.
His administration confirmed that its trade assault would soon cover more than $50 billion of products from China.
U.S Customs will begin collecting duties on 279 product lines ranging from motorcycles to steam turbines and railway cars, the US Trade Representative's Office said in an emailed statement on Tuesday.