US to hit China with new set of tariffs

In a sharp escalation of the Trans-Pacific trade war the US is on a way to impose fresh tariffs on a range of Chinese goods, news wires reported. Starting from 1 September, a renge of Chinese products will be hit with 15% duties worth billions of dollars. By the end of the year, Washington aims to impose tariffs on almost all Chinese imports into the US. Beijing reacted by saying it has "ample" means to retaliate, while also calling for both sides to continue trade negotiations.

What was initially a dispute over China's allegedly unfair trade practices is increasingly seen as a geopolitical power struggle between the world's two largest economies. So far, Washington has imposed tariffs on some $250bn of Chinese goods, while Beijing has retaliated with tariffs on $110bn of US products.

Analysts say that in view of the latest escalation, the prospect of a resolution looks grim. "It's difficult at this stage to see how there can be a deal or at least a good deal," said Julian Evans-Pritchard, senior China economist at Capital Economics cited by the BBC.

Similar articles