United States fires next shot in China trade war

United States fires next shot in China trade war

United States fires next shot in China trade war

The eventual goal is to impose tariffs on 40% of Chinese imports, the same proportion of US goods hit by Beijing's retaliation, an official told reporters.

The U.S. Trade Representative announced Tuesday a possible second round of tariff hikes targeting a $200 billion USA list of Chinese goods ranging from burglar alarms to mackerel.

Global stocks were dragged under by another wave of trade war worries as Donald Trump turned up the heat on China with plans to impose new tariffs on $200bn (£151bn) of goods. So far, the United States has raised tariffs, or import taxes, on shy of $40 billion of Chinese goods and it might be quintupling that before the end of September.

China, however, has explicitly excluded LNG from its list of US energy goods that may be subject to tariffs, as it seeks to fight air pollution by a massive switch from coal-fired to gas-fired residential heating.

TRT World's Kevin McAleese reports from Washington DC.

China has vowed to retaliate dollar-for-dollar to any further USA tariffs.

China has become a key trade partner for US energy exports, and potential tariffs on USA energy goods could hurt US producers and industries. "There is no justification for such action", said Mr Lightizer.

But the mood on Wall Street is darkening, with analysts increasingly warning of the potential impact on financial markets as the world's two largest economies square off.

China's Commerce Ministry has vowed to retaliate to the countermove.

The United States is already working on a second wave of tariffs on Chinese goods worth $16 billion.

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"This type of irrational behavior is unpopular", the statement said, adding China would tack on the case to its suit against the U.S. at the WTO.

Also pressuring the market Wednesday, the S&P 500 energy index fell 2.2 percent, leading sector declines. That came four days after Washington added 25 per cent duties on US$34 billion worth of Chinese goods and Beijing responded by increasing taxes on the same amount of American imports. It's an extensive list of over 6,000 goods that include seafood, propane and toilet paper, among many other things.

Trump had threatened earlier that he would impose additional tariffs if Beijing retaliated with countermeasures.

Senate Finance Committee Chairman Orrin Hatch said the announcement "appears reckless and is not a targeted approach".

That's why Trump can slap tariffs on them just because he feels like it.

Mr Trump has threatened to tax $550bn (£415bn) in Chinese products - exceeding America's total imports from China previous year. Imposing taxes on another $200 billion worth of products will raise the costs of every-day goods for American families, farmers, ranchers, workers, and job creators.

The President's tariffs are already squeezing some USA firms, which have started to raise prices or lay off workers as a result.

USA ambassador Dennis Shea, who was among the first to speak at the closed-door review, argued that China had exploited its membership to take advantage of other nations and that if unchecked Beijing's misconduct would ruin the WTO.

Beijing vowed to retaliate to the latest move, calling the U.S. action "totally unacceptable". "China has no option but to fight fire with fire".

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