Trump readies tariffs on another $US200m of Chinese goods

Trump readies tariffs on another $US200m of Chinese goods

Beijing thus far has vowed to respond in kind to any US trade action.

He spoke Wednesday at China's turn for a regular WTO review of countries' trade policies. That could include making life hard for American companies operating in the world's second biggest economy.

The Chinese government has vowed to take "firm and forceful measures" against US threats to expand tariff hikes. "We have been very clear and detailed regarding the specific changes China should undertake", Lighthizer added.

World stock markets sank and the dollar mostly rose Wednesday after Washington threatened to hammer Beijing with tariffs on a further $200 billion of Chinese imports, ratcheting up the global trade war.

China slammed the latest USA tariff threat as a "totally unacceptable" escalation of their trade battle and vowed Wednesday to protect its "core interests".

"To protect the core interests of the nation and its people, the Chinese government will be forced to impose necessary countermeasures".

He said: "Chinese equities were amongst the worst performers today, with the Shanghai Composite dropping 1.8% after the US Trade Representative set out the $200bn of Chinese imports on which it intends to impose a 10% tariff". Within four days, the trade war had escalated: a second round of tariffs is already on the horizon.

He said: "As in the past, the United States is willing to engage in efforts that could lead to a resolution of our concerns about China's unfair trade practices and to China opening its market to USA goods and services".

China said on Wednesday that the latest USA actions were "completely unacceptable" and that it would be forced to respond. Last year, USA goods exports to China were worth $130bn.

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The commerce ministry confirmed last month that Chinese exporters were front-loading shipments to the get ahead of expected tariffs - a situation that could exacerbate any slowdown in shipments towards year-end.

The list is subject to two months of finalization and input before possible implementation by President Donald Trump.

"Tonight's announcement appears reckless and is not a targeted approach", Senate Finance Chairman Orrin Hatch, a Utah Republican, said in a statement.

The planned new tariffs follow the 25 percent imposed on $34 billion in Chinese products, which Beijing responded to by hitting the same amount of US imports. China immediately responded with $34 billion worth of tariffs on American-made goods in retaliation.

Washington, DC, July 11, 2018-Flooring is included on a list of products imported from China that could face tariffs of 10% from the U.S.

They said it remained a matter of debate whether the biggest impact of more tariffs would be felt in China or the United States, describing the implications for the dollar "difficult to gauge" as weaker growth may coincide with higher inflation.

The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years.

In response to what the US Government considers unfair commercial practices, the US started last Friday to implement tariffs of 25 per cent on Chinese imports with a value amounting to United States dollars 34,000 million.

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