China, US kick off new round of tariffs in trade war

The latest tariffs on China's imports from the Trump administration have been in effect since early Sunday, while China has imposed additional tariffs on its $ 7.5 billion target list for some of its US goods.

Filed by President Donald Trump on June 29, 2019, meets Chinese President Xi Jinping at the G-20 Summit in Osaka, Japan.

Filed by President Donald Trump on June 29, 2019, meets Chinese President Xi Jinping at the G-20 Summit in Osaka, Japan.

Despite signs that talks will resume this month, China and the United States have begun to impose additional tariffs on other commodities that were most recently expanded on Sunday's compromise trade.

A new round of tariffs came into effect at 0401 GMT, and Beijing's 5{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} US crude oil levy was imposed on U.S. crude oil at the time fuel was targeted for the first time since the world's two largest economies began a trade war for more than a year.

The Trump administration will begin collecting 15{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} tariffs on Chinese imports of more than $ 130 billion, including smart speakers, Bluetooth headphones, and various types of shoes.

In retaliation, China began to impose additional tariffs on the $ 7.5 billion target list for some US goods. Beijing has not stated the value of the commodity in the face of higher tariffs since Sunday.

Additional tariffs of 5{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} and 10{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} are levied on 1,717 items out of a total of 5,078 products produced in the United States. Beijing will collect the remaining tariffs from December 15.

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Chinese state media have rebelled.

A Xinhua news agency said, "The United States should learn how to act like a responsible global force and quit its role as a school bully."

"As the world's only superpower, we must join other countries to take responsibility and make the world a better and more prosperous place. Only then can the United States become great again."

The official People's Daily of the Chinese Communist Party said tariffs could not hinder China's development.

"China's economic boom has made China a fertile land of investments that foreign companies can't ignore," he commented. In the comments named "Shong Sheng" or "Voice of China", it is often used to express a view of foreign policy issues.

Last month, US President Donald Trump said Beijing increased its existing and planned tariffs by 5 percent on imports of about $ 550 million worth of Chinese goods, after it announced retaliatory tariffs on US goods.

A 15{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} tariff on cellphones, laptops, toys and clothing will be in effect from December 15th.

The US Trade Representative said Thursday it will collect public comments on increasing its planned tariff increase to 30 percent from the $ 250 million list of goods already hit by 25 percent by 20 September.

Trade talks

According to Trump, China and its trade team and the United States will continue to meet and meet in September, but tariff increases on Chinese goods scheduled for Sunday will not be delayed.

The Trump administration sought to pressure China to drastically change its policy on intellectual property protection, forced transfer of technology to Chinese companies, technology subsidies and market access for two years.

China has consistently denied Washington's accusations of unfair trade practices, has vowed to fight backfires, and has criticized US measures as a safeguard.

China urged the United States to cancel tariff increases, but said last week's talks would be discussed.

The trade war further exacerbates the Beijing-Washington relationship, which has already been darkened by the freedom of Americans to practice navigation and US support for autonomous and democratic Taiwan, which China claims on its own, near the occupied islands of the South China Sea in which the conflict occurred.

Source: Reuters

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