China's July exports rise more than expected despite USA tariffs

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

China said it will begin imposing 25 per cent duties on an additional US$16 billion of American goods immediately after USA levies take effect, making good on its pledge to retaliate in kind.

March 22:Trump announces plans to hit$50 billion worth of Chinese goods with a 25% tariff.China announces tariffsin retaliation to the steel and aluminum duties and promises a response to the latest USA announcement.

The US will begin imposing 25% duties on an additional $16 billion in Chinese imports in two weeks, escalating a trade war between the world's two biggest economies.

The Chinese counter-move will take effect immediately after the U.S. imposes tariffs on the same amount of Chinese goods on 23 August.

So far, China has now either imposed or proposed tariffs on $110 billion of US goods, representing the vast majority of its annual imports of American products. Chinese data on Wednesday showed exports to the USA rose 13.3% in July to $41.5 billion against a year ago.

For its part, China has threatened to ratchet up the tit-for-tat trade war by slapping tariffs on another $60bn of American imports. US President Donald Trump accused Beijing of "being vicious" on trade, stressing that Chinese measures were targeting US farmers on objective. China responded by promising to hit $60 billion worth of United States goods coming into the country with tariffs. At the same time, China has lowered its tariff on Canadian lobster imports to 7 percent, making them more attractive to Chinese buyers.

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The tariffs are aimed at industrial, rather than consumer, imports.

China, however, would run out of US imports to levy, as it bought only $130 billion worth of American goods a year ago.

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.

The US is also considering further tariffs on another $200bn worth of Chinese goods which could come into effect in September.

"We have made the case to the administration, in the strongest possible terms, that tariffs imposed on semiconductors imported from China will hurt America's chipmakers, not China's, and will do nothing to stop China's problematic and discriminatory trade practices", SIA President John Neuffer said in a statement.

A US-China trade war will reduce global output by 0.7 percent by 2020, with China's economy taking a 1.3 percent hit and US GDP dropping 1 percent, Oxford Economics said in a research note Tuesday, before the new list was released.

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