China has retaliated against the latest round of US tariffs on Chinese imports. The Ministry of Commerce announced a 25 percent charge on $16 billion worth in US goods.
Crude oil, coal, diesel, cars and bicycles, medical equipment and steel products are all on the list, the Chinese commerce department , according to reports.
The announcement comes after the US Trade Representative's office released a final list of $16 billion worth in Chinese goods that will be hit with tariffs from August 23.
The latest US list brings the total worth of Chinese goods facing a 25 percent tariff to $50 billion.
Meanwhile, China's exports rose 12.2 percent in July in dollar terms from a year earlier, the customs administration said yesterday, faster than the forecast 10 percent. Imports climbed 27.3 percent, leaving a trade surplus of $28 billion.
As the world's largest exporter, China is still benefiting from robust global demand, but increasing tensions and rising trade barriers with the United States are weighing on the outlook.
"The higher-than-expected imports were pushed up by energy prices, which narrowed the trade balance," said Iris Pang, greater China economist at ING Wholesale Banking in Hong Kong. "The impact of tariffs on exports is yet to be reflected. We will see a full-month tariff effect in August."
In the meantime, imports volume of coal, oil, iron ore, and natural gas all increased in July. Imports from Australia, Russia, South Korea and Japan all surged last month.
Meanwhile, the yuan edged lower yesterday, wiping out earlier gains after the central bank was said to have met lenders to encourage currency stability, while mainland stocks fell following their best day in more than two years. The yuan fell 0.14 percent at 6.8372 per dollar as of 5:07 p.m., erasing an early morning gain of 0.48 percent, and the offshore-traded currency slipped 0.32 percent.
The People's Bank of China urged top banks to prevent any "herd behavior" and momentum-chasing moves in the foreign-exchange market, according to people familiar with the matter. That marked the latest move by China to promote stability in the yuan, after it made betting against the currency more expensive on Friday.