Trump administration moves ahead with new round of tariffs on Chinese imports

China has already retaliated with duties of its own, and has pledged to match the U.S. dollar for dollar with new tariffs.

United States president Donald Trump has threatened to target all $500bn of Chinese imports. Both countries have already slapped tit-for-tat duties on $34 billion of each other's goods.

Washington imposed 25% duties on $34bn (£26.3bn) of Chinese goods on 6 July in response to those complaints.

Still, disagreements between the two major economic powers run deeper than just the trade balance and tensions remain over market access, intellectual property, technology transfer and investment.

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China has repeatedly warned it will strike back, and has already begun enforcing or is getting ready to enforce its own retaliatory tariffs, saying the United States is threatening the global free trade order with its protectionism.

In May, Chinese importers trying to beat Beijing's looming counter-tariffs led to a surge in USA exports of crude oil and soybeans, temporarily driving down the trade deficit and helping boost GDP growth in the April-June period to 4.1 percent.

"There is no off-ramp, and Trump has given China little wiggle room to save face and come to the bargaining table", he said.

"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", he said. So far, despite the rhetoric, only $37bn worth of imports into China and the United States have actually been affected. Beijing, accusing the United States of trade bullying, has retaliated by imposing tariffs on an equal measure of American goods.

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Economists warn that a prolonged trade war between China and the USA could end up increasing prices for American consumers and hurting United States businesses.

July 10: TheUS releases an initial listof an additional $200 billion worth of Chinese goods that could be subject to a 10% tariff.

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

Beijing has retaliated with its own duties on $34bn of USA goods.

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United States industries and farmers have been caught in the crossfire, and the Trump administration announced $12 billion in aid to help farmers hurt by duties on crops such as soybeans.

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