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U.S., China mobilize for trade war round two

 The Office of the U.S. Trade Representative on Tuesday evening finalized a second tranche of 25 percent tariffs to be imposed on China following Section 301 of the Trade Act of 1974, deleting intermodal shipping containers and four other tariff lines from an initial list of 284 tariff subheadings spanning $16 billion in 2017 import value.
    China responded in kind expectedly Wednesday morning, releasing a list of U.S. goods it would impose 25 percent retaliatory tariffs on, commensurate with the United States’ $16 billion worth of tariffs.
    Both countries will activate the tariffs on Aug. 23. In the United States’ case, collections by U.S. Customs and Border Protection on the $16 billion will start on that date, according to USTR.   
   

 Justifying the imposition of tariffs, the Trump administration has said that it is imposing pressure on China to change its unfair commercial practices against U.S. firms, including cited theft of intellectual property.

   Again, Washington will be getting ready for a third round   of tariffs on China covering $200 billion worth of products in 2017 import value.   

 Senior officials of National Retail Federation (NRF) and of National Association of Manufacturers (NAM) envisage adverse effects for American consumers.

    “This is just another step toward throwing away the benefits of tax reform that have given our nation’s economy a badly needed boost," NRF CEO Matthew Shay said in a statement. "These tariffs might be part of an effort to bring about fair trade with China, but as we’ve said before all we have seen so far is a huge risk for American consumers and workers with no endgame in sight. It’s time to stop digging a deeper hole while we can still climb out.”
    NAM CEO Jay Timmons said in a statement that while "China cheats," another round of tariffs "will not fix the problem," noting that manufacturers have already seen price increases and that additional retaliatory tariffs could close major markets off to U.S. exports.
 

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