25% tariff on electric bikes shipped into USA takes hold August 23rd

Trade war US finalizes new batch of tariffs on $16bn of Chinese products

Trump's mission to reduce the USA trade deficit via the threat of tariffs has brought him into conflict with China as well as United States allies, roiling financial markets and raising fears of a global trade war the International Monetary Fund has warned may undermine the strongest economic upswing in years.

China's 25 percent tariffs will apply to US products such as coal, gasoline, vehicles, motorcycles and medical equipment. China responded by promising to hit $60 billion worth of USA goods coming into the country with tariffs.

In May, Chinese importers trying to beat Beijing's looming counter-tariffs led to a surge in U.S. 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 that "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discriminatory and burden US commerce". China has responded with retaliatory tariffs of its own.

"Looking ahead, we expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than USA 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.

Imports grew 27.3 percent in July, customs said, beating analysts' forecast of 16.2 percent growth, and compared with a 14.1 percent rise in June. Fuel imports rose 14 percent on year at 2.67 million tonnes. That was off slightly from June's 13.6% rate but still stronger than China's global export growth.

May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs.

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China has already retaliated with duties of its own, and has pledged to match the U.S. dollar for dollar with new tariffs.

For January-July, the surplus with the US rose to $161.63 billion, compared with about $142.75 billion in the same period previous year.

Beijing has retaliated with its own duties on $34bn of USA goods.

The US has said the tariffs are meant to penalise China for "unfair" trade practices, such as rules that compel companies in certain sectors to take on local partners if they want to do business in the country.

The U.S. action that prompted the Chinese retaliation was the latest by President Donald Trump to put pressure on China to negotiate trade concessions, after Washington imposed tariffs on $34 billion in goods last month.

U.S. president Donald Trump has threatened to target all $500bn of Chinese imports.

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