CHINA TO SLAP MORE TARIFFS ON $16B OF US GOODS

China is slapping additional tariff s of 25 percent on $16 billion worth of U.S. imports from fuel and steel products to autos and medical equipment, the Chinese commerce ministry said, as the world’s largest economies escalated their trade dispute. The tariff s will be activated on Aug. 23, the ministry said, the same day that the United States plans to begin collecting 25 percent extra in tariff s on $16 billion of Chinese goods. The United States published its fi nal list of goods subject to the new tariff s on Tuesday. China’s fi nal list announced on Wednesday diff ers from an earlier draft it published in June, which included crude oil. The number of categories of goods subject to tariff s rose to 333 from 114 in the June draft, although the total value is unchanged. The U.S. action that prompted the Chinese retaliation was the latest by President Donald Trump to put pressure on China to negotiate trade concessions, after Washington imposed tariff s on $34 billion in goods last month. China has vowed to retaliate with equivalent tariff s against any U.S. action.