Trump administration threatens tariffs on another $200 billion in Chinese imports

Shipping containers are seen at a port in Shanghai

Trump administration threatens tariffs on another $200 billion in Chinese imports

The USTR said the latest action was in response to Beijing's failure to change its policies and its retaliatory duties.

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

China has warned that the United States threatens to wreck the global economy after Washington escalated the trade war on Tuesday night.

Washington on Tuesday announced it was starting the process to slap 10 per cent tariffs on another Dollars 200 billion in Chinese export goods as soon as September.

Trump has said he may ultimately impose tariffs on more than US$500 billion worth of Chinese goods - roughly the total amount of United States imports from China a year ago.

In a statement USA trade representative Robert Lighthizer said these new additional tariffs are a result of "China's retaliation and failure to change its practices" after the first round of tariffs.

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"There certainly is going to be pronounced risks mainly because we have now moved on to the tit-for-tat-for-tit phase of it", said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore.

"Rather than address our legitimate concerns, China has begun to retaliate against U.S. products", Lighthizer said in a statement.

The list covers some $200 billion in Chinese exports that could be hit by a 10 percent tariff.

"The trade dispute between China and the U.S.is a big deal, and to the extent that it goes to a full scale war that potentially is recessionary basically for the global economy so we have to be careful here", Tal said.

China imported USA goods worth $130 billion past year and Friday's tariff hike hit $34 billion of that, with another $16 billion cited for a possible increase.

China has seven weeks to make a deal or dig in and try to outlast the USA leader. But Trump hasn't backed down, arguing that China's unfair trading practices are hurting American workers.

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Administration officials said a two-month process would allow the public to comment on the proposed tariffs before the list is finalized.

One reason why Wall Street is anxious: The People's Republic, which bought $154 billion in US imports a year ago, is quickly running out of American products to hit with tariffs. The official added that China has warned the US that future actions would be met with "economic attacks" on American markets.

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

China's WTO "trade policy review" - scheduled before Washington lit the fuse on a tariff battle with Beijing - served as a new front in the widening economic confrontation between the two powers.

The Chinese Commerce Ministry said Tuesday that it would be forced to retaliate against what it called "totally unacceptable" USA tariffs. That would leave China only US$80 billion for further retaliation. In contrast, the US S&P 500 has so far fallen by much less. They warned tariffs on imports raise consumer prices and expose U.S. farmers and manufacturers to retaliation.

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