Trump vows to impose tariffs on more Chinese goods

A Chinese worker looks on as a cargo ship is loaded at a port in Qingdao Shandong Province

China placed tariffs on USA imports including pork and soybeans.

A labourer works at an oil refinery in Nanjing, capital of east China's Jiangsu province May 15, 2007. The Trump administration already has a list of $200 billion more in tariffs against China that are under consideration.

Chinese data on Wednesday showed exports to the U.S. rose 13.3% in July to $41.5 billion against a year ago. For instance, the major complaint is about the theft of USA intellectual property by Chinese firms. The world's largest exporter, China is still benefiting from robust global demand even as increasing tensions and rising trade barriers with the United States weigh on the outlook.

Trade tensions between the United States and China have been intensifying over recent months with each country imposing levies on mutual imports with extra duties.

The US plans to move forward with further tariffs on Chinese goods starting 23 August, its top trade negotiator has said.

China's surplus with the United States shrank marginally to $28.09 billion last month from a record $28.97 billion in June.

China's exports grew faster than expected in July, while imports surged, showing both domestic and worldwide demand continue for now to shrug off the uncertainty of the trade conflict with the US. However, analysts still expect a less favourable trade balance for China in coming months given it's early days in the tariff brawl.

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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.

The worry is that the escalating Sino-US trade war, rising corporate bankruptcies, and a steep decline in the value of the yuan versus the dollar could put a significant dent on the economy. With higher oil prices this year and the taxes they now can't avoid paying, the teapots are expected to reduce their imports, threatening China's oil demand growth, and ultimately, global oil demand growth. Fuel imports rose 14 percent on year at 2.67 million tonnes.

May 19: After a meeting, the two countriesannounce the outline of a trade dealto avoid the tariffs. Chinese imports worth $34 billion would be subject to the new 25% tariff as of July 6, with another $16 billion worth of imports subject to the tariff at a later date.China retaliateswith an equivalent set of tariffs.

Economists had forecast the surplus would be $39.33 billion in July, compared to a surplus of $41.47 billion in June.

March 1: President Donald Trump announcestariffs on all imports of steel and aluminum, including metals from China.

The taxes were the second tranche of a planned $50 billion package that began on July 6 when the United States slapped duties on $34 billion in Chinese goods, provoking a dollar-for-dollar response from Beijing.

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