US Tariffs On Chinese Goods To Hit $50 Billion From August 23

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Washington, United States: 

The first round of President Donald Trump’s punitive tariffs on China will hit the full $50 billion in goods starting August 23, the government announced Tuesday.

Washington already imposed 25 per cent tariffs on $34 billion in Chinese products on July 6. But it held off on a final $16 billion as a result of concerns raised by US companies.

Although the move was expected, it cements the view that there appears to be no effort underway to defuse the dispute between the world’s two largest economies that have continued to exchange threats.

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 $16 billion.

Americans import far more from China than the other way around, however, meaning Beijing may at some point need to look for other means of retaliation.

Washington and Beijing are locked in battle over American accusations that China’s export economy benefits from…

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