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U.S., China Impose New Tariffs on Each Other as Talks Resume
USAgNet - 08/23/2018

The U.S. and China imposed fresh tariffs on each other's goods in the middle of trade talks aimed at averting the worsening conflict between the world's two biggest economies. Both nations started levying the previously announced taxes on $16 billion of imports from the other country shortly after noon Beijing time. China also said it would lodge a complaint about the new American tariffs to the World Trade Organization, according to a Chinese Ministry of Commerce statement.

Bloomberg reports that the U.S. will collect an additional 25 percent in duties on Chinese imports ranging from motorcycles to steam turbines and railway cars, and the Chinese retaliation will see a similarly sized tax on items including coal, medical instruments, waste products, cars and buses.

U.S. Treasury Undersecretary for International Affairs David Malpass and Chinese Vice Commerce Minister Wang Shouwen met Wednesday and will meet again on Thursday for the first face-to-face trade discussions since June. Those talks arenít expected to draw in senior decision-makers and are predicted only to result in a joint statement of productive discussions, according to a person familiar with the agenda. Worsening Tensions

President Donald Trump himself has played down expectations in recent days. That, analysts say, is partly because Trump and China hawks in his administration are feeling increasingly emboldened since the two sides held talks in May and June, according to Bloomberg.

At home, Trump has watched the subdued reaction of financial markets to his trade maneuvers and hailed recent strong economic news and polls showing his approval rating holding up among Republicans. Meanwhile, in China the economy has shown signs of weakness in recent months -- a circumstance Trump has said gives the U.S. an advantage.

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