Trump going ahead with taxes on $16B in Chinese imports

This is the second tranche of such tariffs and comes into effect on August 23.

China's exports growth unexpectedly accelerated in July despite fresh US tariffs, while its trade surplus with the United States remained near record highs as Beijing and Washington ramped up a bitter dispute that has rattled financial markets.

Trump, who has boasted that trade wars are "easy to win", has threatened to ramp up the pressure and slap tariffs on virtually all of China's exports to the United States if Beijing does not back down and take steps to reduce the $335 billion U.S. trade deficit with that country.

The step brought the total worth of Chinese goods facing a 25 percent tariff to $50 billion.

China's closely watched surplus with the United States dipped only slightly to $28.09 billion last month from a record $28.97 billion in June.

The United States and China implemented tariffs on $34billion worth of each other's goods in July.

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

Washington had already imposed tariffs on Dollars 34 billion on July 6 but held off on a final USD 16 billion in goods as a result of concerns from USA companies.

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China's July exports rose 12.2 percent from a year earlier, beating forecasts for a 10 percent increase according to the latest Reuters poll, and up from a 11.2 percent gain 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.

The office said the move is part of the US response to China's unfair trade practices related to the forced transfer of American technology and intellectual property.

Mr. Trump has continued to portray tariffs on foreign imports as good for the country, even as many Republicans and traditionally right-of-center groups preach their ills. So far, despite the rhetoric, only $37bn worth of imports into China and the USA have actually been affected.

"There is no off-ramp, and Trump has given China little wiggle room to save face and come to the bargaining table", he said.

Front page commentary published across all state newspapers by the official Xinhua news agency said: "Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around".

China has been retaliating in kind.

John Neuffer, president of the Semiconductor Industry Association, said: "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..."

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