Home Daily Blitz U.S. And China Escalate Trade War With A New Round Of Tariffs On Billions In Goods

U.S. And China Escalate Trade War With A New Round Of Tariffs On Billions In Goods

This photo taken on July 3, 2018 shows a man working on steel cable at a steel factory in Nantong in China's eastern Jiangsu province. - Simmering trade tensions between the world's top two economies are set to erupt into a full-blown trade war on July 6, with Washington poised to impose new tariffs on 34 billion USD in Chinese goods. (Photo by - / AFP) / China OUT / TO GO WITH China-US-trade,FOCUS by Ryan McMorrow (Photo credit should read -/AFP/Getty Images)

The following is an excerpt from The Associated Press | August 23, 2018 | Time.com |

(BEIJING) — The United States and China imposed more tariff hikes on billions of dollars of each other’s automobiles, factory machinery and other goods Thursday in an escalation of a battle over Beijing’s technology policy that companies worry will chill global economic growth.

The increases came as envoys met in Washington for their first high-level talks in two months. They gave no sign of progress toward a settlement over U.S. complaints that Beijing steals technology and its industry development plans violate Chinese free-trade commitments.

The 25 percent duties, previously announced, apply to $16 billion of goods from each side including automobiles and metal scrap from the United States and Chinese-made factory machinery and electronic components.

In the first round of tariff hikes, U.S. President Donald Trump imposed 25 percent duties on $34 billion of Chinese imports on July 6. Beijing responded with similar penalties on the same amount of American goods.

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