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| Trade wars: US set to impose fresh tariffs on China | Trade wars: US set to impose fresh tariffs on China |
| (35 minutes later) | |
| The US and China are expected to impose fresh tariffs on $16bn (£12.4bn) of each other's goods on Thursday as their tit-for-tat trade war rages on. | The US and China are expected to impose fresh tariffs on $16bn (£12.4bn) of each other's goods on Thursday as their tit-for-tat trade war rages on. |
| The second round of tariffs will see a total of $50bn worth of goods from each side that will now be taxed. | The second round of tariffs will see a total of $50bn worth of goods from each side that will now be taxed. |
| Since the opening salvo in July, tensions between the world's two largest economies have escalated, hurting their companies and economies. | Since the opening salvo in July, tensions between the world's two largest economies have escalated, hurting their companies and economies. |
| The tariffs come into effect as officials meet for talks in Washington. | The tariffs come into effect as officials meet for talks in Washington. |
| They are due to wrap up two days of low-level trade negotiations on Thursday, but few hope for a breakthrough. | They are due to wrap up two days of low-level trade negotiations on Thursday, but few hope for a breakthrough. |
| US tariffs on $16bn of Chinese goods will come into effect at 12pm Beijing time (0500 BST). The new 25% tax will affect nearly 280 Chinese goods, including chemical products, agricultural equipment, motorcycles and antennas. | US tariffs on $16bn of Chinese goods will come into effect at 12pm Beijing time (0500 BST). The new 25% tax will affect nearly 280 Chinese goods, including chemical products, agricultural equipment, motorcycles and antennas. |
| China is expected to retaliate with its own 25% tariff on $16bn of US goods including coal, medical instruments, cars and buses. | China is expected to retaliate with its own 25% tariff on $16bn of US goods including coal, medical instruments, cars and buses. |
| The move will complete the series of tariffs on $50bn of Chinese goods the US initially set out to tax. | The move will complete the series of tariffs on $50bn of Chinese goods the US initially set out to tax. |
| Washington's plan to proceed with the fresh round of tariffs comes despite testimony to the US Trade Representative's Office by dozens of American companies and industry groups that oppose the tax. | Washington's plan to proceed with the fresh round of tariffs comes despite testimony to the US Trade Representative's Office by dozens of American companies and industry groups that oppose the tax. |
| Many said the new tax would hurt their businesses and warned that they would not be able to absorb another tax without raising prices for US consumers. | Many said the new tax would hurt their businesses and warned that they would not be able to absorb another tax without raising prices for US consumers. |
| However, the $16bn is a drop in the ocean compared to the amount Donald Trump has flagged could be hit with tariffs. | However, the $16bn is a drop in the ocean compared to the amount Donald Trump has flagged could be hit with tariffs. |
| The president said in July he was ready to tax all of the $500bn worth of Chinese imports into the US. | The president said in July he was ready to tax all of the $500bn worth of Chinese imports into the US. |
| Round three | |
| The US has threatened a third round of tariffs on an additional $200bn of Chinese goods and they could come as soon as next month. | The US has threatened a third round of tariffs on an additional $200bn of Chinese goods and they could come as soon as next month. |
| It has since said those products could be hit with a 25% levy - more than double the 10% originally planned. | It has since said those products could be hit with a 25% levy - more than double the 10% originally planned. |
| China has said it would respond with a new tariff on another $60bn of US goods. | China has said it would respond with a new tariff on another $60bn of US goods. |
| But it would be harder for Beijing to match the US threat because its manufacturers export far more products than American businesses send to China. | But it would be harder for Beijing to match the US threat because its manufacturers export far more products than American businesses send to China. |
| The US Trade Representative's Office is holding hearings this week on the likely impact of a third round of tariffs imposed on Chinese goods this year. | The US Trade Representative's Office is holding hearings this week on the likely impact of a third round of tariffs imposed on Chinese goods this year. |
| For its part, China has accused the US of "unilaterally" heightening tensions between the two economic giants, and has vowed to retaliate. | For its part, China has accused the US of "unilaterally" heightening tensions between the two economic giants, and has vowed to retaliate. |
| Hurting businesses | Hurting businesses |
| There are signs the trade war is already having an impact. | There are signs the trade war is already having an impact. |
| Major carmakers recently warned that changes to trade policies were hurting performance. | |
| The International Monetary Fund said last month an escalation of the tit-for-tat tariffs could shave 0.5% off global growth by 2020. | The International Monetary Fund said last month an escalation of the tit-for-tat tariffs could shave 0.5% off global growth by 2020. |