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The 25-percent tariffs also will apply to a broad range of Chinese electronics, plastics, chemicals and railway equipment that the Office of the U. S. This list included various pharmaceutical products but the possibility of a potential trade war in pharmaceutical appears unlikely for now.

"ISRI is already hearing from contacts in China that the announcement has caused consternation among Chinese consumers of US scrap commodities", said ISRI in a statement.

The penalties will come into effect on August 23 after Washington plans to start collecting duties on Chinese products of the same value. This is because the central demand of the United States administration is that China must not only reduce its trade deficit with the U.S., but must also take action to wind back its plan to develop its industrial and technological base under the "Made in China 2025" program. Washington announced yesterday that from next August 23, 25% duties will be applied on products imported from China for a value of 16 billion dollars.

The now proposed charge is 10%, but it could increase to 25% once a consultation period ends.

"China was forced to take the countermeasures" in response to a USA plan to raise tariffs to be imposed on $200 billion worth of Chinese goods from 10% to 25%, the commission said.

To compensate for the gap on its tariff list caused by the exclusion of crude oil, China added fish meal, wood waste, paper and paper waste, metal scraps, and various types of bicycles and cars, among other products, the report said.

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Saudi Arabia's Foreign Ministry called the statement " a major, unacceptable affront to the kingdom's laws and judicial process ". The dispute looks set to damage what is a modest bilateral trade relationship worth almost $4 billion a year.

Chinese imports of soybeans fell 8% month-on-month to 8 million mt in July, according to figures from the General Administration of Customs of China, as domestic stocks remain at high levels amid sluggish demand for animal feed.

Shipping consultancy Drewry have predicted the container shipping industry could lose as much as 1.8 million TEU, a contraction in global trade of 1%. It was necessary to take this action "because the US side has repeatedly escalated the situation despite the interest of both enterprises and consumers".

It's a new round of tit-for-tat tariffs in the U.S.

The additional tariff on US LNG could have a chilling effect on US investment and on shale developers' decisions on whether or not to sign more LNG supply contracts with China.

As many commentators and economic historians have pointed out, the Chinese practices are a repeat of many of those used in earlier times by the United States and other countries, including Japan and South Korea, as they sought to develop their industrial and technological capacities. At the same time, overall imports to China jumped 27 percent last month. Beijing's retaliatory move was a "necessary response" to "safeguard its legitimate interests", the ministry said on its website. They criticize Trump's tactics but share US complaints about Chinese industrial policy and market barriers.

Trump also is moving forward with plans to tax a further US$200b in Chinese products as soon as September and has threatened to eventually impose tariffs on all Chinese imports, which totaled US$505b previous year, unless China capitulates. China's imports of formulations from the United States recorded a CAGR of 13.8% during 2012 -2016. Both would deliver trade wins for Trump and his more moderate advisers, while also letting President Xi Jinping of China push ahead with his ambitious industrial plan to build national champions in cutting-edge technologies. It stated that the US-China conflict could reduce world output by 0.7 percent by 2020, with China's economy slowing by 1.3 percent and the US by 1 percent.