Trump administration announces $22b in fresh tariffs on China

Beijing is expected to hit $16 billion worth of U.S. goods with equal tariffs in response to Tuesday's move.

The Trump administration has maintained that the tariffs are necessary to force China into changing economic behavior it says harms the US.

An earlier round of tariffs that went into effect on July 6 applied to $34 billion in imports.

On Tuesday, the Trump administration unveiled its own list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs.

ANZ senior China economist Betty Wang said Beijing will likely resist using its closely managed currency as a tool in the trade war.

"With each successive round of tariffs, Trump continues to back China into a corner, forcing Beijing to respond in kind", said James Zimmerman, a partner in the Beijing office of global law firm Perkins Coie and a former chairman of the American Chamber of Commerce in China. Last year, China imported about $130 billion of USA goods. But given the lack of talks and Trump's unclear goals, the trade war doesn't appear to be close to a resolution.

On July 6, the USA began taxing the 818 goods, worth $34 billion, remaining from the April list.

April 3: The US trade representativeannounces a list of Chinese goodssubject to the tariffs.

New U.S. sanctions against Iran take effect
Speaking in a television interview, he also demanded compensation for decades of American "intervention" in the Islamic Republic. Iran's currency has lost around half its value since Trump announced the U.S. would withdraw from the nuclear pact.

"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 trade balance between the two countries, which is at the center of the tariffs tussle, continued to be in favor of China. The finalized list of goods affected includes 279 items.

China's exports surged more than expected in July despite fresh U.S. duties and its closely watched surplus with the United States remained near record highs, as Washington finalised its new tariff list in a bitter dispute that some fear could derail global growth.

June 18: Trumpthreatens a 10% tariff on another $200 billion worth of Chinese goods.

Beijing has retaliated with its own duties on $34bn of United States goods.

The US plans to move forward with further tariffs on Chinese goods starting 23 August, its top trade negotiator has said.

Farmers and USA industries have been caught in the crossfire, and the Trump administration announced $12 billion in aid to help farmers hurt by duties on crops such as soybeans.

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