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Trump administration threatens tariffs on another $200 billion in Chinese imports
12 July 2018, 12:44 | Erica Roy
Earlier on Tuesday, the Trump administration unveiled a list of Chinese exports, worth some $200 billion, that it plans to slap with 10 percent tariffs.
It also includes consumer goods ranging from vehicle tires, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, bicycles, golf bags, toilet paper and beauty products.
Oliver Jones from Capital Economics has warned that China's response to Trump's latest tariff threat could hit the U.S. stock market hard.
China on Wednesday said tit-for-tat tariffs will "destroy" trade between the world's top two economies, after Washington fired the next shot in a ballooning trade war, readying fresh levies on $ 200 billion in Chinese goods.
Mr. Trump hit US$34-billion worth of Chinese imports with 25-per-cent tariffs starting last week, with another US$16-billion worth to be added shortly.
The move has been swiftly and heavily criticised by China, which said it was "totally unacceptable" for America to keep escalating the trade dispute. This has raised concerns that China could retaliate with non-tariff trade measures.
President Donald Trump has threatened to tax as much as $US550 billion in Chinese products - an amount that exceeds America's total imports from China past year. China, on the other hand, implemented counter tariffs on the United States afterward.
The USTR said the latest action was in response to Beijing's failure to change its policies and its retaliatory duties.
US Senate Finance Committee Chairman Orrin Hatch described the move was "reckless".
"Concerns over trade and trade wars are really having an adverse effect, less so on the US markets than the global markets, but it is certainly taking a bite".
Trump has recently introduced tariffs on $34 billion worth of Chinese products and, while hundreds of products have been affected, certain goods were conveniently spared from this enactment - including the products made for Ivanka's internationally manufactured fashion brand.
That prompted fears it might go beyond matching Washington's duty increases by disrupting operations for USA companies in China. The new tariffs will not immediately go into effect, instead going through a two-month review process, with hearings in late August.
By Mark Burton and Lucca de PaoliThe U.S. election of Donald Trump lit a fire under metals markets in 2016 as investors took a liking to his pro-business agenda. Since then, the president has said his administration could impose duties on virtually all Chinese imports into the U.S.
The FTSE 100 finished 100.08 points or 1.3 percent lower and Germany's Dax fell 1.53 percent.
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