In the latest move by President Donald Trump to put pressure on Beijing to negotiate trade concessions, Washington is set to begin collecting 25 percent tariffs on another $16 billion in Chinese goods on August 23.
March 22:Trump announces plans to hit$50 billion worth of Chinese goods with a 25% tariff.China announces tariffsin retaliation to the steel and aluminum duties and promises a response to the latest USA announcement.
"Looking ahead, we expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than United States tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation", Capital Economics' Senior China Economist Julian Evans-Pritchard wrote in a note.
The office of US Trade Representative Robert Lighthizer said its "exhaustive" investigation showed that "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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The US is now considering tariffs on another $200bn in goods, including consumer products that were spared in the initial round.
The fresh tariffs will apply to 279 items.
The Trump administration has maintained that the tariffs are necessary to force China into changing economic behavior it says harms the US. Beijing is expected to hit $16 billion worth of U.S. goods with equal tariffs in response to Tuesday's move.
A first tranche of tariffs, on $34bn worth of goods, went into effect in July.
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In July the surplus with the United States was at $28.09 billion, down a touch from $28.93 billion in June, according to Reuters calculations based on customs data released on Wednesday.
Of more direct effect in the Sino-U.S. trade war, China's surplus with the United States shrank only marginally to $28.09 billion last month from a record $28.97 billion in June. And President Donald Trump has threatened to impose tariffs on virtually everything China sells to the United States. The move appears to wreck the nascent trade deal.
June 18: Trumpthreatens a 10% tariff on another $200 billion worth of Chinese goods.
But there seems no solution at sight as the Trump administration prepares for tariffs of up to 25 per cent on an additional United States dollars 200 billion in Chinese products.
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In March 2018, the USTR had released the findings of its "exhaustive" Section 301 investigation that found China's acts, policies and practices related to technology transfer, intellectual property, and innovation are "unreasonable and discriminatory and burden United States commerce".