Economy

China to put 25% tariffs on $16 billion worth of US products

China to put 25% tariffs on $16 billion worth of US products

According to data by China's General Administration of Customs compiled by Reuters, Chinese crude oil imports increased to 8.48 million bpd in July from 8.36 million bpd in June and from 8.18 million bpd in July previous year.

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 January-July period of this year, customs data showed Wednesday. The world's largest exporter, China is still benefiting from robust global demand even as increasing tensions and rising trade barriers with the United States weigh on the outlook.

In May, Chinese importers trying to beat Beijing's looming counter-tariffs led to a surge in USA exports of crude oil and soybeans, temporarily driving down the trade deficit and helping boost GDP growth in the April-June period to 4.1 per cent.

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".

July 6:The first tranche oftariffs on $34 billion worth of Chinese goodstakes effect; China responds in kind.

Year-on-year, the growth of China's exports to the USA slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.

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. Its imports from the US rose 11.8 percent in the same period.

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China's exports to the United States rose 13.3 percent in the first seven months of 2018 from a year earlier, compared with a 13.5 percent rise in Jan-June.

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.

China has already retaliated with duties of its own, and has pledged to match the United States dollar-for-dollar with new tariffs, including on the next US$16 billion.

The latest charge comes after the US said it would implement another round of tariffs on $16 billion worth of Chinese goods.

The duties are part of a broader round of tariffs on $50bn worth of goods the U.S. announced in March.

However, President Trump is also engaged in trade disputes with other countries, such as Canada and Mexico, and has imposed separate tariffs on items that include steel and aluminium, washing machines and solar panels.