USA proposes tariffs on $200 billion more in Chinese imports

USA proposes tariffs on $200 billion more in Chinese imports

"We have been very clear and detailed regarding the specific changes China should undertake", Lighthizer added.

The U.S. government said the new tariffs are in response to Beijing's June 15 tariffs on $50 billion in U.S. exports, which were themselves in retaliation for President Trump's initial tariffs against China.

The Trump administration on July 6 imposed 25 per cent duties on US$34 billion in Chinese imports, the first time the president has implemented tariffs directly on Beijing after threatening to do so for months.

The Chinese commerce ministry has slammed the USA plan to impose tariffs on additional imports worth some $200 billion as totally unacceptable, promising a mirror response to defend its national interests. So far, the USA 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.

The first USA tariff list focused on Chinese industrial products to help cushion the impact on American consumers.

It also includes consumer goods ranging from vehicle tires, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products.

One problem for Beijing is that it imports far less from the US than it exports - much to the annoyance of Donald Trump - and that gives it less scope to retaliate - they may run out of American goods to penalise. "There is no justification for such action", he said in a statement. The US has suggested that it may ultimately impose tariffs on $500 billion worth of Chinese goods, or roughly the entire amount of US imports from China.

Asian equities tumbled in morning trade on Wednesday, led by losses in China as trade developments returned to focus after the Trump administration announced a list of tariffs on $200 billion in Chinese goods.

The Trump administration has stepped up its trade war against China with the announcement that US Trade Representative, Robert Lighthizer, will begin an investigation with a view to putting a 10 percent tariff of $200 billion worth of Chinese goods by the end of August.

Donald Trump's threat to impose tariffs on an extra $200bn of Chinese imports is causing rising anxiety.

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President Donald Trump has threatened to tax as much as $550 billion in Chinese products - an amount that exceeds America's total imports from China previous year.

The move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted".

The National Association of Manufacturers also criticized the US decision, saying this latest round of tariffs could undermine the economic gains from the administration's tax and regulatory reform policies.

Trump has said the European Union is "possibly nearly as bad as China" when it comes to trade, as a raft of retaliatory tariffs from Brussels came into effect on June 22.

"American families are the ones being punished".

China has, in recent years, become a key export market for growing USA energy exports.

China's commerce ministry said on Wednesday it was "shocked" and would complain to the World Trade Organisation, but did not immediately say how it would retaliate.

The earliest they would come into effect is September.

However, the Trump administration has brushed aside such concerns and is pressing ahead not only against China but also against the European Union, which Trump has declared to be as bad as China, only smaller.

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