China's July exports rise more than expected despite US tariffs

Cars to be exported are seen at a port in Lianyungang Jiangsu province China

Cars to be exported are seen at a port in Lianyungang Jiangsu province China

China, on the other hand, argues that the tariffs violate World Trade Organization rules and only harm both countries.

The Trump administration announced today that it will go ahead with imposing 25 percent tariffs on an additional $16 billion in Chinese imports.

The new tariffs, the latest in the ongoing trade spat between US and China, target industrial supplies, chemicals, motorcycles, tractors and tractor parts, rail cars, auto parts, some iron and steel, motor and machine components and more.

In addition to cars and motorcycles, China targetted a total of 333 types of American imports, including coal, crude oil, grease, asphalt, plastic products, scrap metal, and recyclables, according to CNBC.

In July, the USA and China exchanged tariffs on $34 billion worth of goods.

In May, Chinese importers trying to beat Beijing's looming counter-tariffs led to a surge in U.S. exports of crude oil and soybeans, temporarily driving down the trade deficit and helping boost GDP growth in the April-June period to 4.1 percent.

China's prohibitive import tariff, which amounts to close to $18 a barrel when crude is at $70, should also deter other Chinese buyers such as state-owned companies Petro China, as well as state-controlled Zhenhua Oil and independent refiners, from importing USA crude.

The US will impose a 25% tariff on $16 billion worth of Chinese goods starting August 23. While there's no major risk of the world lapsing into "damaging stagflation", the possibility remains of a "bigger blow-up" that sharply reduces trade, as in the 1930s, it said.

The United States has stepped up its trade war with China... by announcing a new round of tariffs.

China has repeatedly warned it will strike back against any further punitive measures by Trump, saying the United States is threatening the global free trade order with its protectionism.

China has responded with retaliatory tariffs of its own.

Among the products removed from the earlier list on $16 billion of imports were shipping containers, including those used by freight companies.

March 1: President Donald Trump announcestariffs on all imports of steel and aluminum, including metals from China.

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