Trump Administration Readies Tariffs On $200 Billion Of Chinese Imports

Trump Administration Readies Tariffs On $200 Billion Of Chinese Imports

US to impose tariffs on $200 billion Chinese imports

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 trade war could also jeopardize China's help in confronting North Korea's nuclear program.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said in June.

The spiraling conflict over USA complaints about Chinese technology policy has prompted warnings it might chill global economic growth.

On Tuesday, the US Trade Representative's office announced a $200bn list of Chinese goods for possible 10 percent tariffs including fish, apples and burglar alarms.

Investor confidence started to return early this week amid a momentary lull in the trade war, following Beijing's retaliation tariffs on U.S. imports last week after Trump hit China with a 25 per cent tariff worth $34bn on imports.

The ministry said it "solemnly protests" the latest tariff list published by Washington, calling it "totally unacceptable".

"The Chinese government as always will have no choice but to take the necessary countermeasures", said China's ministry of commerce in a statement, without elaborating further.

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Donald Trump is readying tariffs on another $200 billion in Chinese imports, escalating a trade war between the world's two biggest economies. A final decision will be made August 18, and resulting action will be taken August 31.

Washington's initial tariff list focused on Chinese industrial products in an attempt to limit the impact on United States consumers, but this expansion would start to hit the items regularly purchased by American households.

Auto parts retailers, which would also be affected by the latest tariff threats the US lobbed at China, fell more steeply than the broader market.

As the threats in the trade dispute have increased, so too have signals from Beijing that it means to follow through on reforms.

If China responds with tariffs on energy, this could cut sales of US energy goods, analysts and executives told Reuters last month, when Beijing first threatened to slap tariffs on usa energy.

The retaliatory tariffs that China enacted Friday targeted USA cars and major agricultural goods, such as soybeans and meat.

Instead, its heavily regulated economy gives Beijing tools to disrupt operations for American automakers, restaurant chains and other companies that are looking to China to drive revenue growth. Regulators can deny or cancel licenses or launch lengthy tax, environmental or anti-monopoly investigations.

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Companies are watching United States chipmaker Qualcomm Inc., which has waited for months for Chinese regulators to decide whether to allow its proposed $44 billion acquisition of NXP Semiconductors.

The dispute comes on top of Washington's confrontation with other allies and major trading partners including Canada, Mexico and the European Union, after it imposed steep tariffs on their steel and aluminium.

The economic impact of the conflict already is spreading.

In Beijing, Li Chenggang, assistant minister at China's Commerce Ministry, said that the latest U.S. proposals would hurt both countries and pointed to declines in Chinese export growth and overseas investment to the United States in the first half of this year.

- Canada and Mexico - Canada and Mexico, members of the North American Free Trade Agreement (NAFTA) with the U.S., have not been spared the Washington offensive on steel and aluminum and have imposed their own counter-tariffs on USA goods.

Senate Finance Committee Chairman Orrin Hatch, R-Utah, responded to Lighthizer's announcement with dismay.

That volley now appears to have marked only the opening shots in a churning trade war.

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Stock markets in Shanghai dipped 1.8%, and Hong Kong fell more than 1.4%.

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