USA to slap tariffs on extra $200 billion of Chinese imports


The administration said the new levies are a response to China's decision to retaliate against the first round of U.S. tariffs.

Chinese officials are expected to retaliate in other ways, hitting USA firms in China with unplanned inspections, delays in approving financial transactions and other administrative headaches.

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.

A Commerce Ministry statement said, "It is totally unacceptable for American side to publish a tariff list in a way that is accelerating and escalating".

"The Chinese side is shocked by the action of the USA", it said, adding that in order to safeguard the core interests of the country and its people, the Chinese government "has no option but to take the necessary counter-measures".

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 per cent of the total imported from the Asian power, since the USA products hit by Beijing's retaliation represent that share of exports, an official told reporters in a conference call.

It also includes consumer goods ranging from vehicle tyres, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products.

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

"Rather than address our legitimate concerns, China has begun to retaliate against USA products. There is no justification for such action", said Mr Lightizer.

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China retaliated against the initial US tariffs with 25 per cent tariffs of its own on $50-billion of USA goods.

Helping the tech sector is the view that those companies may be more immune to potential trade dispute problems, said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

"The outburst of large-scale mutual levying of tariffs between China and the United States will inevitably destroy Sino-US trade", he told the forum. China is far more likely just to find other ways to hit back in kind.

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

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

Stock markets around the globe fell as the latest United States announcement and the Chinese response indicated a deepening and protracted trade conflict between the world's two largest economies that could hit global trade and growth.

That was more than the market displayed today.

The Dow Jones Industrial Average rose 204.44 points, or 0.83 percent, to 24,904.89, the S&P 500 gained 21.84 points, or 0.79 percent, to 2,795.86 and the Nasdaq Composite added 98.70 points, or 1.28 percent, to 7,815.31.

U.S. President Donald Trump's threat overnight of 10 percent tariffs on another $200 billion of Chinese goods dampened hopes that Washington will eventually step back from the escalating row.

Trump has been considering tariffs against China since his officials concluded in March that Beijing violates US intellectual-property rights, such as by forcing American firms to hand over technology.