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Trade wars: US set to impose fresh tariffs on China Trade war: US imposes fresh tariffs on China
(about 4 hours 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 Impact felt further afield
Karishma Vaswani, Asia Business correspondent
What hurts Beijing can also hurt countries further afield.
Many goods that are needed for final assembly in China actually come from other South East Asian countries such as Malaysia and Indonesia, and go through Singapore to have some other products added on.
Economists say that means some countries in the Asia Pacific region could see as much as a percentage point shaved off economic growth.
International trade is what has helped Asia turn itself from an economic backwater into one of the most dynamic and fast growing areas in the world. It's lifted millions out of poverty.
But if this trade war continues - the outlook could be far more grim.
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
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.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.