World

Trump administration announces $US200 billion in extra China tariffs

Trump administration announces $US200 billion in extra China tariffs

The Trump administration announced Tuesday it is preparing a new package of tariffs targeting Chinese exports valued around $200 billion, the latest escalation in the trade war with Beijing.

Thousands of Chinese imports are under threat in the newly suggested tariffs, including hundreds of food products as well as auto 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.

China slammed the latest United States tariff threat as a "totally unacceptable" escalation of their trade battle and vowed Wednesday to protect its "core interests".

The latest moves came last Friday when the Trump administration's tariffs on $34 billion worth of Chinese goods took effect.

The U.S.is pursuing a new set of tariffs that would hit $200 billion in Chinese goods, according to senior administration officials.

China slammed the US threat to expand tariff hikes to imports including apples, fish sticks and French doors as a "totally unacceptable" escalation of their trade battle and vowed Wednesday to protect its "core interests". This has raised concerns that China could retaliate with non-tariff trade measures.

This most recent maneuver follows a threat President Trump made last month, and comes days after the US and China imposed tit-for-tat tariffs on more than $30 billion in goods.

But China also faces difficulties in retaliating directly: it ships far more goods to the United States ($506 billion previous year, according to USA figures) than come back in the opposite direction ($130 billion).

It also said that China would have to respond to the USA actions.




Orrin Hatch, the Republican Senate Finance Chairman, condemned the move as "reckless" and not "targeted", while USA stock index futures fell in early Asian trading.

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

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.

The MSCI index of Asia-Pacific shares outside Japan fell 1.1 %, while Japan's Nikkei dropped by 1.1%.

"Concerns over trade and trade wars are really having an adverse effect, less so on the USA markets than the worldwide markets, but it is certainly taking a bite".

Li Chenggang, an assistant minister at the Commerce Ministry, had earlier told reporters that the U.S. is escalating the trade war, which is an irresponsible move.

Chinese authorities implemented tit-for-tat tariffs on key United States exports into China, including some major agricultural products.

That intensification of the trade skirmish, which is now being upgraded to a full-scale trade war by some commentators, has investors spooked about the future of the global world order, and the global economy, pushing stock markets around the world deep into the red.

Stock markets in Asia fell sharply during early trading on Wednesday amid the escalating trade tension between the two economic giants.


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