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US dollar and China yuan notes are seen in this picture illustration June 2, 2017. REUTERS/Thomas White/Illustration/File Photo
A new round of US tariffs on some Chinese goods and Chinese tariffs on US goods is scheduled to take effect from 0401 GMT (12:01 am EDT) on Sunday.
The Trump administration will begin collecting 15 per cent tariffs on more than USD 125 billion in Chinese imports, including smart speakers, Bluetooth headphones and many types of footwear.
As part of its retaliation, Beijing will begin imposing a 5 per cent tariff on US crude oil from Sep.1, the first time US oil has been targeted since the world's two largest economies started their trade war more than a year ago.
US President Donald Trump last month said he was increasing existing and planned tariffs by 5 per cent on about USD 550 billion worth of Chinese imports after Beijing announced its own retaliatory tariffs on US goods.
Tariffs of 15 per cent on cellphones, laptop computers, toys and clothing are to take effect on Dec 15. The US Trade Representative's Office said on Thursday it would collect public comments through Sep.20 on a planned tariff increase to 30 per cent on a USD 250 billion list of goods already hit with a 25 per cent tariff.
Trade teams from China and the United States continue to talk and will meet in September, but tariff increases on Chinese goods set to go in place on Sunday will not be delayed, Trump said on Aug.30.
For two years, the Trump administration has sought to pressure China to make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access.
China has consistently denied Washington's accusations that it engages in unfair trade practices, vowing to fight back in kind and criticising US measures as protectionist.
China has pressed the United States to cancel the tariff increase, but said last week that a September round of talks was being discussed between the two./.
VNF/Reuters
