25% tariff on electric bikes shipped into U.S. takes hold August 23rd

25% tariff on electric bikes shipped into U.S. takes hold August 23rd

Beijing has announced plans to retaliate immediately against the latest round of United States tariffs on Chinese imports by slapping a wide range of American products, worth $16 billion, with a 25 percent levy.

China's goods trade went up 8.6 percent year on year to 16.72 trillion yuan (about 2.45 trillion US dollars) in the first seven months of this year, customs data showed Wednesday.

All China's main state newspapers published a lengthy commentary by the official Xinhua news agency, entitled "declaration", on their front pages on Wednesday. The number of categories of goods subject to tariffs rose to 333 from 114 in the June draft, although the total value is unchanged.

The US levied 25% duties on $34 billion in Chinese goods on 6 July, prompting swift in-kind retaliation from Beijing.

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

China fired back with its own warning and said it would impose duties on $60 billion of USA goods.

Farmers and U.S. 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.

More news: Chelsea in talks to sign Mateo Kovacic from Real Madrid

May 29: The White House announces the tariffs on $50 billion of Chinese goodswill move forward, with the final list of goods released June 15.

USTR is conducting a public comment period for those tariffs, which could reach 25 percent, due to end September 5.

Beijing has retaliated with its own duties on $34bn of USA goods. Because "Texas is on the front line of the dispute", he said, with energy companies being squeezed by tariffs on all sides.

A spokesman for the commerce ministry described the latest round of US tariffs as "very unreasonable".

The Office United States Trade Representative (USTR) announced the tariffs in a statement released on Tuesday afternoon US time. Analysts had forecast 10 per cent.

Still, disagreements between the two major economic powers run deeper than just the trade balance and tensions remain over market access, intellectual property, technology transfer and investment. It would likely have to impose penalties on USA companies doing business in China to make up the difference.

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