China Matches Latest U.S. Tariffs

August 08, 2018 at 4:53 PM

China says it will add a 25% tariff on another $16 billion worth of U.S. goods to match import taxes the Trump administration says it will add on Aug. 23.

Among American products targeted by the new Chinese levy are chemicals, coal and medical equipment. The tit-for-tat escalation comes as China racked up a trade surplus with the U.S. of $28.1 billion in July, second only to the $28.9 billion surplus posted in June.

China has been quickly matching U.S. tariffs since the White House imposed $3 billion in taxes on Chinese goods on March 23. So far, $37 billion in tariffs have been activated by each country against the other.

President Donald Trump has threatened to tax virtually all goods from China unless the country agrees to “fair, bilateral trade deals” that end unfair trade practices and repatriate jobs to the U.S.