Trump's latest trade tiff with China has Texans again bracing for pain

Trump's latest trade tiff with China has Texans again bracing for pain

China's exports surged more than expected in July despite US duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth. And Chinese regulators last month barred Qualcomm, a US telecom leader, from completing its $44 billion acquisition of Netherlands-based NXP, which would have made it a more formidable competitor for Chinese companies.

Beijing has called on United States officials to be "cool headed", but has warned it will retaliate against any tariffs with its own measures.

A spokesman for the commerce ministry described the latest round of USA tariffs as "very unreasonable".

"We're not yet past the point of no return but we're edging closer to it", said Wang Tao, head of China economic research at UBS AG in Hong Kong. The list is heavy on industrial products such as steam turbines and iron girders.

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

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The US is also considering further tariffs on another $200bn worth of Chinese goods which could come into effect in September. On July 6, the US began taxing the 818 goods, worth $34 billion, remaining from the April list. And Mr. Trump has threatened to impose tariffs on virtually everything China sells to the United States.

China, however, would run out of USA imports to levy, as it bought only $130 billion worth of American goods previous year.

April 3: The US trade representativeannounces a list of Chinese goodssubject to the tariffs.

UBS Wealth Management CIO Mike Ryan on a new study on US business owners' views about the economy and tariffs. President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion a year ago. The administration has said that it will pursue tariffs on an additional $200 billion if China continues to respond with retaliatory tariffs rather than reform of its own trade practice.

This article was written by Damian Paletta, Amanda Erickson and David J. Lynch, reporters for The Washington Post.

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