US to impose extra tariffs on $200bn of Chinese imports

US to impose extra tariffs on $200bn of Chinese imports

The new 10% tariffs will apply to a huge amount of items including seafood and other fresh goods, according to the list released by US Trade Representative Robert Lighthizer. It includes fruit and vegetables, handbags, refrigerators, rain jackets and baseball gloves.

The measure is a significant escalation of the conflict and easily tops the $50 billion in tariffs that the two countries have so far levied on each other, or are about to levy.

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

China has repeatedly denied accusations by the Trump administration of unfair trade policies. "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong".

Additionally, while the U.S.is a key export market for China, it still only accounts for 19 percent of total Chinese exports.

The ministry said it "solemnly protests" the latest tariff list published by Washington, calling it "totally unacceptable". No financial details of the agreement signed Tuesday were announced, but construction is expected to start as soon as official permits come through. "When they see their prices rise, they're going to be shocked", he said.

Because China imports fewer goods from the USA than the US imports from China, it is unable to match USA tariffs in value, according to a report from Mizuho Bank.

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

David Cohen, a political scientist at the University of Akron, said the pressure on Mr. Trump will mount as the economic pain spreads from affected companies to be more widely felt by consumers.

"Our worldwide trade is extremely important and we have to start off on the right track and I'm not sure we are right now", he said.

The policy is a top concern for United States officials.

"Depending on how these trade negotiations do develop, we do anticipate that there could be another rate hike by the end of 2018, but if trade negotiations deteriorate that may get pushed out further in 2019".

Trump last month asked the US Trade Representative's office to identify $US200 billion of Chinese goods that could be hit with 10 per cent tariffs.

Trump has been considering tariffs against China since his officials concluded in March that Beijing violates US intellectual-property rights, such as by forcing American firms to hand over technology.

"To protect the core interests of the nation and its people, the Chinese government will be forced to impose necessary countermeasures".

Li Chenggang, assistant minister of commerce, told a forum in Beijing on Wednesday that large-scale tit-for-tat tariffs would "inevitably destroy" China-US trade, and America's actions would "damage the global economic order".

The National Retail Federation, an industry group, warned about the impact on prices from the new measures.

"Pre-tariffs, the private sector was poised to invest $1.34 trillion in energy infrastructure to keep pace with surging production - supporting more than 1 million jobs each year on average through 2035". Although it was not a direct reaction to the new move from Trump's administration, the official English-language newspaper China Daily said in an editorial that Beijing had to stand up to Washington. He has not formally directed Lighthizer to prepare that list.

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