Markets hit as Trump threatens new tariffs on China

Markets hit as Trump threatens new tariffs on China

Markets hit as Trump threatens new tariffs on China

The proposal comes only a few days after the Trump administration fired the first real opening salvo in the trade war, implementing 25 percent tariffs on $34 billion in Chinese imports on Friday.

"The outburst of large-scale mutual levying of tariffs between China and the United States will inevitably destroy Sino-US trade", Li Chenggang, the assistant minister of commerce, said. It's unclear what that action could include.

The US Trade Representative's office announced a $US200 billion list on Wednesday of Chinese goods for possible 10 per cent tariffs including fish, apples and burglar alarms.

China imported US goods worth $130 billion a year ago and Friday's tariff hike hit $34 billion of that, with another $16 billion cited for a possible increase.

As its dispute with Washington deepened, Beijing has been calling on other countries to support global free trade and has talked up efforts to ease investment rules.

China imposed its tariffs last Friday in retaliation for US tariffs on Chinese goods. Only about 1% of the items on the list were consumer goods.

President Trump has escalated America's trade dispute with Beijing, ordering officials to impose tariffs on thousands more Chinese products worth $200 billion.

Soybeans, crushed to make cooking oil and the protein-rich animal feed ingredient soymeal, were the biggest U.S. agriculture export to China past year at a value of $12.3 billion, according to the U.S. Department of Agriculture (USDA). His determination to renegotiate trade deals has targeted not only competitors on the world market such as China, but longtime friends and allies such as the European Union or Canada.

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China formally responded to the latest USA move on Wednesday, with a Chinese Ministry of Commerce spokesperson calling it "unacceptable".

Senate Finance Committee Chairman Orrin Hatch, of Utah, called the new levies "reckless" and not "targeted".

U.S. Trade Representative Robert Lighthizer said in a statement that this is "an appropriate response", as China has for years "pursued abusive trading practices with regard to intellectual property and innovation".

"The behavior of the U.S. is hurting China, hurting the world, and hurting itself", the ministry said in a statement, adding that it was "shocked" by USA actions.

However, Stockman said the big problem of trade imbalance is not a result of bad trade deals.

"China seems to have no interest in bending and they will retaliate".

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

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