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 tariffs on $34 billion in goods last month.
Nearly 300 Chinese goods face USA import taxes of 25 per cent from August 23, including tractors, motorcycles and semiconductors.
President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion past year.More news: Bethesda Nixes Steam in Favor of Its Own Launcher - Fallout 76
It is the second round of duties imposed by the countries as Washington and Beijing exchange tit-for-tat measures in an escalating trade war. Washington has long criticized China's trade surplus with the United States and has demanded Beijing cut it.
Announcing the new duties, the US Trade Representatives Office: "China directs and unfairly facilitates the systematic investment in, and acquisition of, US companies and assets to generate large-scale technology transfer". While there's no major risk of the world lapsing into "damaging stagflation", the possibility remains of a "bigger blow-up" that sharply reduces trade, as in the 1930s, it said.
The Chinese counter-move will take effect immediately after the U.S. imposes tariffs on the same amount of Chinese goods.
"We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than U.S. tariffs, the direct impact of which will continue to be mostly offset by the renminbi's (yuan's) recent depreciation".More news: Blizzard has 'multiple Diablo projects in the works'
The investigation had revealed that China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from U.S. companies and it deprives United States companies of the ability to set market-based terms in licensing and other technology-related negotiations. Last year, China imported about $130 billion of US goods. That was off slightly from June's 13.6% rate but still stronger than China's global export growth.
His administration confirmed that its trade assault would soon cover more than $50 billion of products from China.
China deprives USA companies of the ability to set market-based terms in licensing and other technology-related negotiations.
The US announced earlier this week that its own tariffs on $16 billion of Chinese goods would start on August 23.More news: British tourist given £35k fine after driving at 150mph through Dubai