Oil Prices Slide As China Imposes 25 Tariff On U.S

The White House reportedly had a private meeting with tech industry representatives last week.                  Daniel Terdiman  CNET

It is the second time the United States has slapped tariffs on Chinese goods, despite persistent warnings by American businesses it will raise the price of goods for consumers.

The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries.

US President Donald Trump has boasted that trade wars are "easy to win" and warned he would hit virtually all Chinese imports if Beijing does not back down and take steps to reduce its $335 billion surplus with the US. Year-on-year, the growth of China's exports to the U.S. 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.

July figures showed the US' trade deficit with China decrease only slightly.




The government has responded by releasing more liquidity into the banking system, encouraging lending and promising a more "active" fiscal policy.

Jameel Ahmad, global head of currency strategy and market research at FXTM, said the escalation "is just reminding investors that their trade war concerns are going nowhere anytime soon". Customs will begin collecting the duties on 279 product lines, down from 284 items on the initial list, as of 23 August, the US Trade Representative's Office said in an emailed statement on Tuesday.

Chinese exports increased more rapidly than expected last month, despite an escalating trade war with the United States. And Mr. Trump has threatened to impose tariffs on virtually everything China sells to the United States. The financial pain so far has been felt by individual companies or industries - and their workers - rather than by either the overall USA or Chinese economy.

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

To compensate for the gap on its tariff list caused by the exclusion of crude oil, China added fish meal, wood waste, paper and paper waste, metal scraps, and various types of bicycles and cars, among other products.

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