The Trump administration is preparing to impose another round of tariffs on roughly $16 billion worth of imports from China on Aug. 23.
The Office of the U.S. Trade Representative published a finalized list Tuesday of 279 import product lines, largely industrial goods, that will be subject to a 25 percent tariff. China is expected to follow through on its threat to match any new taxes from the U.S. with tariffs of their own, reports the Associated Press.
Roughly $50 billion in Chinese goods will now face additional taxes when entering the country. The U.S. implemented tariffs on $34 billion worth of goods from China in July, with the Chinese government responding in-kind. (RELATED: US Could Raise Tariff Rate On $200 Billion Worth Of Chinese Goods)
President Donald Trump is also considering implementing 25 percent tariffs on another $200 billion worth of Chinese imports. Officials in China proposed Friday tariffs on $60 billion worth of U.S. imports if the U.S. follows through.
State-controlled media in China lashed out at Trump Monday, attacking his trade policies and warning the U.S. risks making “a fool of itself.”
The state-run People’s Daily newspaper claims Trump is turning global trade into a “zero-sum game,” damaging the credibility of the U.S. on the world stage. The paper accused Trump of engaging in a “street fighter-style deceitful drama of extortion and intimidation,” adding that, “Governing a country is not like doing business,” reports Reuters.
The attacks follow a series of tweets from Trump Saturday praising the tariffs, claiming they are “working far better than anyone ever anticipated.” Trump is downplaying concerns his tariffs will upend the domestic economy, arguing that other countries have far more to lose when it comes to trade with the U.S.
The escalating trade war is sparking fears of an economic downturn in China, however, state media maintains their markets will prove resilient.
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