Chinese media warns against 'wantonly' rising tariffs in US trade war

Trump going ahead with tariffs on $16B in Chinese imports

First round of US tariffs on Chinese goods to hit $50B – USTR

The tranche of 25 per cent tariffs - which covers 279 products including electronic parts, plastics, chemicals, batteries, tractors and railway cars - follows $US34 billion worth of tariffs announced by the United States government in July.

United States president Donald Trump has threatened to target all $500bn of Chinese imports.

Trump's mission to reduce the USA trade deficit via the threat of tariffs has brought him into conflict with China as well as U.S. 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.

Those demands could get even more strident if the yuan's sharp drop in recent months raises the ire of the United States, which has in the past repeatedly criticized Beijing for manipulating its currency to gain an unfair trade advantage. At the weekend, Mr Trump said he had the upper hand in the trade war, while Beijing responded through state media by saying it was ready to endure the economic fallout.

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ANZ senior China economist Betty Wang said Beijing will likely resist using its closely managed currency as a tool in the trade war. That was off slightly from June's 13.6% rate but still stronger than China's global export growth.

The office said the move is part of the USA response to China's unfair trade practices related to the forced transfer of American technology and intellectual property. Year-on-year, the growth of China's exports to the United States slowed to 11 percent last month from 12.5 percent in June, while import growth accelerated to 11 percent from 9 percent.

The world's two biggest economies are locked in a trade dispute.

The top U.S. trade body said the 25% import taxes would apply to about $16bn (£12b.3bn) of annual imports.

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So far, financial markets have shrugged off the first round of trade duties.

U.S. tariffs on Chinese goods are set to hit $50 billion from August 23. And as trade wars heat up, more and more exporters are waiting and watching what will happen next.

Talks between the two countries on the issues have failed to produce an agreement, prompting China to retaliate with tariffs of its own and US President Donald Trump to escalate his threats.

The Chinese government has said it would impose duties as high as 25% on American products like meat, coffee, nuts and auto parts. 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.

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