Trump administration announces $22b in fresh tariffs on China

This is the second tranche of such tariffs and comes into effect on August 23. Products being targeted now include crude oil, cars, steel and medical equipment.

On July 6, the US began taxing the 818 goods, worth $34 billion, remaining from the April list.

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".

"Looking ahead, we expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than USA tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation", Capital Economics' Senior China Economist Julian Evans-Pritchard wrote in a note. US President Donald Trump accused Beijing of "being vicious" on trade, stressing that Chinese measures were targeting US farmers on objective.

China has repeatedly warned it will strike back against any further punitive measures by Trump, saying the United States is threatening the global free trade order with its protectionism.

April 3: The US trade representativeannounces a list of Chinese goodssubject to the tariffs. Chinese imports of goods and services into the United States a year ago amounted to almost $524 billion.

The US is now considering tariffs on another $200bn in goods, including consumer products that were spared duties in the initial $50bn round.

Mr Trump has said he would be willing to hit all of China's imports with duties.

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China's exports growth unexpectedly accelerated in July despite fresh USA tariffs, while its trade surplus with the United States remained near record highs as Beijing and Washington ramped up a bitter dispute that has rattled financial markets.

Although the move was expected, it solidifies the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies.

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.

In the meantime, it sought public comment on the new items.

The world's two biggest economies are locked in a trade dispute over Washington's charges that China uses predatory tactics in a drive to supplant US technological supremacy.

"Although this may for a moment bring preening with delight, it will make it hard to resolve economic imbalances or out of kilter politics and other deep-rooted problems".

Over the weekend, Trump said he had the upper hand in the trade war, while Beijing responded through state media by saying it was ready to endure the economic fallout.

John Neuffer, president and CEO of the Semiconductor Industry Association, said in a statement they were disappointed and puzzled why semiconductors remain on the final tariff list.

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