China hits back at US with new tariffs

While short-term effects might be mild, the impact of US tariffs on China's trade may be gradually revealed as time passes and more tariffs on Chinese goods threatened by the United States take effect, it noted.

A spokesman for the commerce ministry described the latest round of US tariffs as "very unreasonable".

The additional list of 279 product lines to be hit later this month was announced by the United States Trade Representative (USTR) on Tuesday.

The decision follows Washington's announcement Tuesday that it will implement levies on $16 billion of Chinese products starting from the same date.

The U.S. -China trade war continued to escalate Wednesday, when the Chinese government announced it will slap a 25 percent retaliatory tariff on $16 billion worth of U.S. imports, CNBC reported.

The headline numbers are the first readings of the overall trade picture for the world's second-largest economy since U.S duties on $34 billion of Chinese imports came into effect on July 6.

Trade with countries along the Belt and Road totaled 4.57 trillion yuan, up 11.3 percent year on year, 2.7 percentage points faster than the average growth rate, data showed. Larger items are also on the list of 333 goods being targeted including large passenger cars and motorcycles as well as various fuels, and fiber optical cables. And Mr. Trump has threatened to impose tariffs on virtually everything China sells to the United States.

All China's main state newspapers published a lengthy commentary by the official Xinhua news agency, entitled "declaration", on their front pages.

"None of this is good for the automakers, who are rapidly becoming more and more globalized and depend on global supply networks to operate profitably", Ed Kim, Vice President of Industry Analysis at AutoPacific, told Motor1.com when these tariffs were initially proposed in April.

April 4: China rolls out a listof more than 100 USA goods worth roughly $50 billion that are subject to retaliatory tariffs.

There are very few domestic electric bike manufacturers to protect in the US, it was argued, meaning that the "trade war" simply damages a growth industry and one that brings green credentials at a time when they sorely need promotion.

(Copyright © 2015. All Rights Reserved.)
 
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