Trump Administration Readies Tariffs On $200 Billion Of Chinese Imports

Trump Administration Readies Tariffs On $200 Billion Of Chinese Imports

The Trump administration announced plans to levy tariffs on another $200 billion of Chinese goods as trade tensions escalate.

Goods to be targeted range from chemicals and construction materials to fabric and buttons to handbags and food products to boats and air conditioners - a sweeping inventory that would inflict economic pain across China's manufacturing sector while jacking up prices for US businesses and consumers.

He also said China should be ready for the outbreak of a full-blown trade war, warning that a deal would only be reached after several rounds of trade sanctions and negotiations. China responded to that action by imposing tariffs on $34 billion of US products, and the country has vowed to take countermeasures against the current action as well.

Oliver Jones from Capital Economics has warned that China's response to Trump's latest tariff threat could hit the United States stock market hard.

U.S. Trade Representative Robert Lighthizer on Tuesday evening unveiled a proposed list of more than 6,000 products to be hit with 10-per-cent import taxes. The list includes over 6,000 goods, including fish, electronics, propane, toilet paper, and more.

"The markets still remain sensitive to the trade-related theme, which is something investors have to take into account for the long term", said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management in Tokyo.

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).

But it could interfere with American automakers and retailers who see China as a key market by regulating import licenses or investigating USA firms for tax, environmental, and antitrust concerns, according to the Associated Press. The administration says its tariffs are created to punish China for what it calls unfair trade practices, theft of intellectual property, and "forced technology transfers".

Beijing's lopsided trade balance with the United States means it will quickly run out of imports for retaliation.

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The Chinese government, however, called it "totally unacceptable" and said it would take unspecified countermeasures.

Several traders said they saw some dollar selling by large state banks in the spot market, which went some way to supporting the yuan, though they did not know whether USA dollar liquidity offered by the banks was on behalf of the central bank or corporate clients.

On Friday, Washington had imposed additional 25 percent tariffs on $34bn of Chinese imports, prompting Beijing to immediately respond with proportionate tariffs on $34bn American goods including seafood and soybeans.

Washington made a decision to impose the extra tariffs after efforts to negotiate a solution to the dispute failed to reach an agreement, senior administration officials said on Tuesday.

It's now safe to say that a trade war is underway between the United States and China.

The National Association of Manufacturers also criticized the US decision, saying this latest round of tariffs could undermine the economic gains from the administration's tax and regulatory reform policies.

A senior administration official told Fox News that China has been "non-responsive" to USA actions and has insisted that Beijing does not see any way America has been hurt by Chinese policies.

However, the worst performing market was the Shanghai composite, which tumbled 1.8 per cent.

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