China to slap additional tariffs on $16 billion of U.S. goods

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China's Commerce Ministry called the US decision to place the latest round of tariffs on Chinese goods "unreasonable", and said it chose to take counter measures, matching the tariffs in percentage and value. But it was 11 percent higher than in the same month a year ago.

After a strong start to the year, growth in the world's second-largest economy cooled slightly in the second quarter, partly hit by the government's years-long efforts to tackle debt risks.

The world's two biggest economies are locked in a trade dispute over Washington's charges that China uses predatory tactics in a drive to supplant USA technological supremacy.

Washington had already imposed tariffs on United States dollars 34 billion on July 6 but held off on a final USD 16 billion in goods as a result of concerns from U.S. companies.

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Amid a steep correction in crude prices, China said on Wednesday that it would impose a 25-percent tariff on U.S. imports worth US$16 billion, including crude oil, diesel, cars, coal, and steel products, in retaliation to the U.S. list of US$16 billion worth of Chinese imports that will be taxed by U.S. authorities from August 23.

World financial markets have taken a battering in recent months as fears grow that Trump's "America First" policies could derail a global economic revival. And President Donald Trump has threatened to impose tariffs on virtually everything China sells to the United States. The step brought the total worth of Chinese goods facing a 25 percent tariff to $50 billion.

The US and China have been trying to restart high-level talks that broke off after Trump followed through on his tariff threats.

June 15: Trump rolls out thefinal list of goods subject to new tariffs.

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The US is also considering further tariffs on another $200bn worth of Chinese goods which could come into effect in September.

The latest $16 billion list from the United States will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea.

The Semiconductor Industry Association expressed disappointment at USTR's decision to keep the sector on the tariff list.

The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce".

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