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25% tariff on electric bikes shipped into U.S. takes hold August 23rd

10 August 2018

The world's top two economies have repeatedly sparred over trade in recent months, in what experts warn may become a devastating cycle of retaliation.

China will impose tariffs on an additional $16 billion worth of USA products, officials announced Wednesday, marking the latest parry in an escalating trade war between the two countries.

Both sets of tariffs will go into effect at midnight August 23.

China responded by promising to hit $60 billion worth of U.S. goods coming into the country with tariffs.

April 4: China rolls out a listof more than 100 United States goods worth roughly $50 billion that are subject to retaliatory tariffs. Chinese imports of goods and services into the United States a year ago amounted to almost $524 billion.

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The trade representative said the tariffs were a response to an investigation, released this year, which found China's policies on technology transfer, intellectual property and innovation were unreasonable and discriminatory, and placed an unfair burden USA commerce.

Several industry bodies in the United States representing agribusiness, retail and technology have said the Trump administration's tariffs are hurting them and will cause long-term damage to farmers, manufacturers and consumers.

A first tranche of tariffs, on $34bn worth of goods, went into effect in July.

The announcement came after the Trump administration followed through with a 25% tariff on an additional $16 billion of Chinese goods Tuesday evening. But a U.S. -Mexico arrangement is expected to lead to the end of U.S. tariffs on steel and aluminum from Mexico as well as retaliatory Mexican tariffs that hurt American farmers' south-of-the-border sales, said Dan Ujczo, a trade lawyer with Dickinson Wright.

Among the products removed from the earlier list on $16 billion of imports were shipping containers, including those used by freight companies.

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Trump's aggressive trade actions have drawn sharp criticism from business and from members of his own Republican party, as well as numerous warnings that an continuing to ramp up the trade war will harm the U.S. and global economies. The new list covers products ranging from motorcycles to steam turbines and railway cars.

The U.S. economy grew at an annual rate of 4.1 percent in the second quarter of 2018, which pundits believe is likely to slow down in the second half of the year, as fiscal stimulus fades and the Federal Reserve further increases interest rates. It would take a few more weeks to revise the list and make programming changes at U.S. Customs and Border Protection to begin collecting the duties.

Due to the rising trade tension between China and the United States, the trading arm of Chinese state oil major Sinopec is said to have suspended imports of crude oil from the United States.

This article was written by Damian Paletta, Amanda Erickson and David J. Lynch, reporters for The Washington Post.

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25% tariff on electric bikes shipped into U.S. takes hold August 23rd