As US-China trade war escalates, S Korea warns on impact

A woman tends to a child near a promotional gimmick in the form of a bomb and the U.S. flag outside a U.S. apparel shop in Beijing

A woman tends to a child near a promotional gimmick in the form of a bomb and the U.S. flag outside a U.S. apparel shop in Beijing Credit AP

By expanding the list, the administration is beginning to hit products that US households buy, including such things as electric lamps and fish sticks.

TRT World's Kevin McAleese reports from Washington DC.

More than 6,000 items could be affected - including burglar alarms, auto tyres, handbags, baseball gloves, carpets, toilet paper, dog food, and hundreds of food products.

But U.S. Trade Representative Robert Lighthizer said the 10 percent duties, which also cover many consumer products that may also contain unlisted plastics components, are needed to put more pressure on China.

"The Chinese side is shocked by the actions of the U.S.", a statement on the ministry's website declared. The Senate on Wednesday handily passed a symbolic measure instructing lawmakers working to reconcile an unrelated spending bill to include language "providing a role" for Congress when the president invokes national security reasons to justify tariffs. "To protect the core interests of the nation and its people, China's government is, as in the past, forced to retaliate". 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 US closed the door for negotiations", Mr Li said.

ASIA'S DAY: The Shanghai Composite Index rose 2.2 percent to 2,837.66 and Tokyo's Nikkei 225 gained 1.2 percent to 22,187.96. On Wall Street, futures for the Dow Jones industrial average and Standard & Poor's 500 index were up 0.4 percent.

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 tariffs could take effect after public consultations end on August 30, according to a statement from the U.S. Trade Representative's office Tuesday.

China, however, has explicitly excluded LNG from its list of USA 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.

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For instance, $1 million worth of foreign steel would cost $250,000 more under Trump's tariffs.

Washington threatened to slap a further $200bn (£150.8bn) worth of tariffs on a wide range of Chinese goods such as coal, tobacco and consumer electronics after talks between the two superpowers to ease tensions failed yesterday. "But more tariffs like these will punish America's manufacturing workers - and could undermine our hard-won gains thanks to tax and regulatory reform". Beijing has vowed to retaliate dollar-for-dollar.

"The US side is firing at the whole world as well as itself", remarked Hua Chunying at the regular press briefing in response to the China-US trade war which has triggered concerns worldwide, echoing a similar statement made by Commerce Ministry spokesperson Gao Feng last week.

Administration officials said they're turning up the pressure on China to stop swiping American intellectual property and to ditch policies that push USA companies into divulging their trade secrets in order to enter the Chinese market.

Bloomberg explored a few of China's options.

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