Chinese exports accelerate as USA prepares new tariffs

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In April, the administration had announced plans to slap tariffs on 1,333 Chinese product lines worth $50 billion a year.

China has already retaliated against the United States with its own tariffs and proposed others if Washington goes ahead with all its threats.

And the conflict is likely to escalate: The administration is preparing tariffs of up to 25 percent on an additional $200 billion in Chinese products. Chinese imports of goods and services into the United States past year amounted to almost $524 billion.

The United States has announced it will impose 25 percent tariffs on another 16 billion USA dollar's worth of Chinese imports, starting in two weeks. However, analysts still expect a less favorable trade balance for China in coming months given it's early days in the tariff brawl.

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

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The duties are part of a broader round of tariffs on $50bn worth of goods the USA announced in March.

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.

This is part of the US' response to China's "unfair trade practices" related to the forced transfer of American technology and intellectual property, the US Trade Representative (USTR) said.

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.

All China's main state newspapers published a lengthy commentary by the official Xinhua news agency, entitled "declaration", on their front pages.

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"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", it said.

No date yet for the previously announced retaliatory tariffs on $16 billion in US goods, which will largely target commodities.

The office said the move is part of the US response to China's unfair trade practices related to the forced transfer of American technology and intellectual property.

The new list covers products such as semiconductors, electronics, plastics, and railway equipment.

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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