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The escalating trade conflict between the world's two largest economies...has seen the two sides impose tariffs on 34-billion dollars worth of each other's goods.

The US will impose a 25% tariff on another $16 billion worth of Chinese goods starting August 23, US Trade Representative Robert Lighthizer announced Tuesday.

China didn't waste time in retaliating, and said today that its tariffs on 333 USA products, including crude oil, would also take effect on August 23.

Mr. Trump has continued to portray tariffs on foreign imports as good for the country, even as many Republicans and traditionally right-of-center groups preach their ills. They will take effect on August 23.

Those $16 billion in tariffs complete what is considered President Donald Trump's first round of tariffs on China, totaling $50 billion.

The trade representative said the tariffs were a response to an investigation, released this year, which found China's policies on technology transfer, intellectual property and innovation were unreasonable and discriminatory, and placed an unfair burden U.S. commerce.

Washington and Beijing are locked in a battle over United States accusations that China's export economy benefits from unfair policies and subsidies, and especially from the theft of American technological know-how.


The US Seminconductor Industry Association (SIA), which represents manufacturers and designers like Intel, Qualcomm and Texas Instruments, said on Tuesday it was "disappointed and puzzled" their products were on the final list of 279 product lines. China immediately retaliated with similar tariffs on USA goods, including soybeans, pork and poultry, which were created to hurt Trump voters in rural America.

China's exports soared in July, showing little impact from U.S. tariffs, as Washington finalises more duties on Chinese imports.

Trump has threatened to levy a 25% tariff on an additional $200 billion worth of Chinese imports to the United States - a move that would blow open the disagreement between the countries.

A huge headwind on the country's economic growth is the Trump administration's trade policy, said Boudreaux, warning that if it continues "as it's happening now, not only will it slow the economic growth, it might actually reverse it". The new list covers products ranging from motorcycles to steam turbines and railway cars.

The surplus with the United States was higher than China's overall trade surplus in July, which was $28.05 billion, indicating China ran a net trade deficit with the world excluding the U.S.

"We'll know China is really feeling the pressure when they start stirring nationalist sentiment or calling for boycotts against USA", said Bruce Andrews, managing director of Rock Creek Global Advisors. But it was 11 percent higher than in the same month previous year. That's 24% of all Washington exports according to the Washington Department of Agriculture.


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