Chinese exports accelerate as fresh USA tariffs loom

Trump, who has boasted that trade wars are "easy to win", has threatened to ramp up the pressure and slap tariffs on virtually all of China's exports to the United States if Beijing does not back down and take steps to reduce the $335 billion U.S. trade deficit with that country.

President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion previous year.

China's exports to the United States rose 13.3 percent in the first seven months of 2018 from a year earlier, compared with a 13.5 percent rise in Jan-June.

Announcing the new duties, the US Trade Representatives Office: "China directs and unfairly facilitates the systematic investment in, and acquisition of, US companies and assets to generate large-scale technology transfer".

Washington already imposed 25 percent tariffs on $34 billion in Chinese products on July 6.

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

The plan will impose a 25 percent tax on an additional $16 billion in Chinese goods starting August 23.

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

The US decision to levy 25 percent tariffs on the same value of Chinese goods is "very unreasonable", and China will have to retaliate to protect its rightful interests and the multilateral trading system, China's ministry of commerce said in a statement.

"Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around", the commentary said. The $16 billion taxed in the latest round brings the total amount of Chinese goods taxed up to $50 billion.

The Semiconductor Industry Association expressed disappointment at USTR's decision to keep the sector on the tariff list.

China's prohibitive import tariff, which amounts to close to $18 a barrel when crude is at $70, should also deter other Chinese buyers such as state-owned companies Petro China, as well as state-controlled Zhenhua Oil and independent refiners, from importing USA crude.

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