Trump Administration Readies Tariffs On $200 Billion Of Chinese Imports

Trump Announces New Taxes on TVs and Air Conditioners

US to impose tariffs on $200 billion Chinese imports

That prompted fears Beijing, running out of imports for retaliation due to its lopsided trade balance with the US, might try to disrupt operations of American automakers, retailers and others that see China as a key market. Accordingly, the Trade Representative is proposing to modify the action in this investigation by maintaining the original $34 billion action and the proposed $16 billion action, and by taking a further, supplemental action"-the additional 10% ad valorem on $200 billion worth of Chinese goods now proposed".

"The behaviour of the USA is hurting China, hurting the world and hurting itself", a spokesperson for China's commerce ministry said in a statement. It said, "the Chinese government will be forced to impose necessary countermeasures" to protect its "core interests".

Shay compared these troubles to the tax reform policy that President Donald Trump signed into law a few months ago.

The news sent stocks tumbling, with China's markets leading the declines.

The goal is to bring the total amount of Chinese imports up to 40 percent of the total imported from the Asian power, since the U.S. products hit by Beijing's retaliation represent that share of exports, an official told reporters in a conference call.

The products include various food items, chemicals, minerals, tobacco, electronics and office goods.

U.S. Trade Representative Robert Lighthizer said the Trump administration has patiently urged China to stop its unfair practices, open its market and engage in true market competition.

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China hit back with its own levies - targeting U.S. products such as mixed nuts and whiskey.

"The Chinese side is shocked by the actions of the U.S.", it said in a statement, according to a translation by Google.

Rajiv Biswas said "For China, the U.S. is its largest export market, accounting for 19% of total Chinese exports".

"Xi can't be seen as soft on the USA", said Bonnie Glaser, director of the China Power Project at CSIS in Washington.

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".

"China has no option but to fight fire with fire".

Analysts have warned that a spiralling trade war between the world's two financial powerhouses could have a damaging impact on the global economy.

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The Chinese currency fell sharply against the dollar last month as fears over the trade war escalated.

S&P 500 and Dow futures dropped around 1 percent, pointing to a weak opening on Wall Street later on Wednesday.

The first US tariff list focused on Chinese industrial products, an attempt to reduce the direct impact on American consumers.

"The Trump administration is gambling that by wielding such a big club, it will force China to back down", said Edward Alden, a senior fellow at the Council on Foreign Relations.

The tariffs could lead to higher prices and job losses in a range of industries. It was just the latest volley in an ongoing trade war. Meanwhile, Senate Judiciary Chairman Chuck Grassley, R-Iowa, said the effects of the tariffs have been "very, very detrimental" and that he's "very, very nervous about it".

Hours after the announcement was released, China's Ministry of Commerce issued its own statement, expressing a "solemn protest" against the United States.

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