U.S. tariffs on US$ 16 billion worth of Chinese imports takes effect on Aug.23rd

Arirang News 2018-08-24

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Here's the latest on the trade war between the world's two economic superpowers.
U.S. tariffs on 16-billion U.S. dollars' worth of Chinese imports took effect on Thursday.
Wasting no time,... Beijing immediately responded with its own duties on the same amount of American imports.
Ko Roon-hee reports.
On Thursday, the United States started charging 25-percent tariffs on Chinese goods worth another 16-billion dollars... even as the two sides held high-level trade talks.
Among the 279 items that'll be affected are key products like semiconductors, chemicals and plastics.
Combined with the tarrifs imposed last month, the U.S. now has duties on China worth 50 billion dollars.

The two sides seem far from a resolution... because China retaliated with tariffs of its own on Thursday, also worth 16 billion dollars.
China's tariffs will apply to 333 products,… including coal, fuel, steel and automobiles.
The Commerce Ministry in Beijing released a statement saying Washington was being obstinate by charging the new tariffs… and that China will continue to take necessary countermeasures.
The ministry also said it will file a complaint against the U.S. with the World Trade Organization,… in its words, to protect free trade and multilateral systems.

In the long term, China expressed its willingness to work things out.
Its foreign ministry said it hopes for good results in the future.

"We hope that the U.S. side can meet China halfway, with a rational and pragmatic attitude, and work with China conscientiously toward a good result."

This escalation in the trade war comes despite a high-level delegation from China visiting Washington for trade talks on Wednesday.
Although many expressed hope that the meeting would relieve the rising tensions,... U.S. President Donald Trump had told Reuters on Monday that he didn't expect much.
Ko Roon-hee, Arirang News.

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