USA proposes tariffs on $200 billion more in Chinese imports

Beijing

A woman transports goods past workers sleeping on a street-side in Beijing on Tuesday

In order to safeguard the core interests of the country and the fundamental interests of the people, the Chinese government will, as always, take the necessary counter-measures.

The US listed $200bn (£150bn) worth of additional products it intends to place tariffs on as soon as September. The list amounts to $200 billion in products in total and also includes chemicals, steel, aluminum, TV components and many consumer products, including food and clothing.

The news sent markets skidding in Asia as Chinese stocks tumbled and the yuan weakened.

The latest round of tariffs are subject to a period of consultation that runs until the end of August, meaning the trade friction will continue well into the autumn campaign season for the USA midterm elections.

"Nobody wins in a global trade war". A Trump administration official told reporters this week the administration would "listen to farmers' complaints" at a hearing on the tariffs next month, but added that farmers are "aware Trump's trade initiatives would help them in the long run".

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The most traded currencies, the US dollar and euro, were largely unmoved though the single currency was the weaker while the safe-haven Japanese yen remained flat, reflecting limited reaction in broader currency markets. "It's up to them to open the door again".

"This is an appropriate response under the authority of Section 301 to obtain the elimination of China's harmful industrial policies", said U.S. Trade Representative Robert Lighthizer, claiming that Chinese trade policies represent a national security threat to the United States.

That was the latest salvo in an escalating trade war between the world's two largest economies.

The trade representative regretted that China has not changed its behavior, which, he considers, puts the future of the U.S. economy at risk.

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

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The Trump administration announced Tuesday it is preparing a new package of tariffs targeting Chinese exports valued around $200 billion, the latest escalation in the trade war with Beijing.

"Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters".

The proposed tariffs come just days after the Trump administration imposed 25 percent tariffs on more than 800 Chinese products worth about $34 billion, citing what it calls China's unfair trade practices and intellectual property theft.Beijing followed suit with an equal amount of levies on us goods. The first round of tariffs covered Chinese products ranging from farming plows to machine tools and communications satellites. However, it will be unable to respond in equal measure because total United States exports to China only amounted to $US154 billion previous year.

The Trump administration is due to impose tariffs on another $16 billion of Chinese goods this summer, which could further pressure the yuan, Qi said. China has vowed to retaliate dollar-for-dollar to any further USA tariffs. "I'm not in great favor of tariffs either way.let's hope we can balance this out so it's not detrimental to our interests".

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