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Trade war: U.S. lists next US$200b Chinese goods to face tariffs

15 July, 2018, 13:03 | Author: Shawna Walton
  • New round of tariffs targets $200 billion of Chinese goods

That came four days after Washington added 25 percent duties on $34 billion worth of Chinese goods and Beijing responded by increasing taxes on the same amount of American imports.

In response to Trump's tariffs on Friday, China released a tariff list that will apply to $34 billion worth of U.S. exports to China.

It said the first $34 billion would be followed up by another $16 billion once the US's second wave of tariffs goes into effect in a few weeks.

"This is an appropriate response under the authority of Section 301 to obtain the elimination of China's harmful industrial policies", Lighthizer said of the proposed tariffs on US$200 billion of Chinese goods.

"I strongly urge President Trump and President Xi to meet soon face to face to craft a solution to establish fair and lasting trade between our two countries", Brady said in a statement.

If China were to back down, the Trump administration might hold off on the newest tariffs.

Mr Trump has threatened to put new taxes on nearly everything the U.S. imports from China.

China imported only 130 billion dollars in goods from the USA previous year, but it could retaliate against the U.S. through other means including regulatory moves and investigations of United States companies.

The list of new tariff targets from the US Trade Representative includes vacuum cleaners, furniture, and vehicle and bicycle parts, but US-branded smartphones and laptops were excluded. Before now, the administration had deliberately avoided imposing tariffs on consumer goods in order to spare USA shoppers from direct economic pain.

In financial markets, MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5 per cent, while the main indexes in Hong Kong and Shanghai fell more than two per cent.

Reacting to the Washington announcement, a senior trade official in Beijing accused the United States of "damaging the world economic order" and said tit-for-tat tariffs would "destroy" trade between the rival powers.

Investors fear an escalating trade war between the world's two biggest economies could hit global growth.

The USTR will accept public comments and hold hearings august 20-23 before reaching a decision after august 31, according to a senior USA official who briefed reporters on condition of anonymity. "It will also result in retaliatory tariffs, further hurting American workers", a Chamber spokeswoman said.

Most economists say the direct effect on the US economy will likely be small.

"China stands in line with the global community on the correct side of history to together protect the rules of the multilateral trade order", foreign ministry spokeswoman Hua said on Wednesday.

Holding on to the outdated zero-sum mentality and willfully launching the trade war not only undermines interests of the two parties directly involved, but also others in the global industrial chain, and there will be no victor, Hua said.

"The U.S. behaviour represents a typical 'trade bully, ' posing a grave threat to the global value chain", Wang said.

On Monday, Chinese and German companies including BASF and Volkswagen signed business deals worth 20 billion euros ($23.6 billion) during a visit to Berlin by China's No. 2 leader, Premier Li Keqiang.

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