Trump going ahead with tariffs on $16B in Chinese imports

Front page commentary published across all state newspapers by the official Xinhua news agency said: "Certain people go against the tide for their own private ends and go against morality; the barrier of tariffs wantonly rise, and the stick of hegemony is raised all around". Products being targeted now include crude oil, cars, steel and medical equipment.

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

China has been retaliating in kind.

The headline numbers are the first readings of the overall trade picture for the world's second-largest economy since U.S duties on $34 billion of Chinese imports came into effect on July 6. US President Donald Trump accused Beijing of "being vicious" on trade, stressing that Chinese measures were targeting US farmers on objective. Washington has long criticized China's trade surplus with the United States and has demanded Beijing cut it.

The additional list of 279 product lines to be hit later this month was announced by the United States Trade Representative (USTR) on Tuesday. China's exports to the United States fell by 2.5 percent to $41.5 billion month-on-month, while imports of U.S. goods plunged 1.5 percent to $13.4 billion, according to data from General Administration of Customs on Wednesday, as quoted by the media. It represents the latest salvo in the ever-expanding trade war between the USA and China.

"We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than United States tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation".

Osinbajo sacks DG of DSS, Lawal Daura over National Assembly Invasion
The Tuesday siege was mainly carried out by the DSS and lasted from the early hours of Tuesday till afternoon. Most Nigerians including leaders of opposition parties condemned the actions of the security agencies.

Although the move was expected, it cements the view that there appears to be no effort underway to defuse the dispute between the world's two largest economies that have continued to exchange threats.

The latest $16 billion list from the United States will hit semiconductors from China, even though numerous basic chips in these products originate from the United States, Taiwan or South Korea.

A US-China trade war will reduce global output by 0.7% by 2020, with China's economy taking a 1.3% hit and US GDP dropping 1%, Oxford Economics said in a research note on Tuesday, before the new list was released.

The world's two biggest economies are caught up in a trade dispute over Washington's allegations that China uses predatory tactics, including outright cybertheft, in a drive to supplant USA technological supremacy. But it held off on a final $16 billion as a result of concerns raised by U.S. companies.

The world's two biggest economies are locked in a trade dispute over Washington's charges that China uses predatory tactics in a drive to supplant US technological supremacy.

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