United States unveils $200 billion list of China imports for tariffs

What Is the Endgame for the Trump Trade Wars?

Trump has been following through on pledges he made during his presidential campaign to get tough on China, which he accuses of unfair trade practices including theft of intellectual property and forced technology transfer that have led to a $375 billion US trade deficit with China.

"We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy", Hatch said in a statement.

Asian stocks retreated and perceived safe havens such as the yen and US Treasuries rose on Wednesday after the United States said it would impose tariffs on an extra 200 billion worth of Chinese imports, sharply escalating the trade war between the world's two biggest economies. "Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war", said Hun Quach, the head of worldwide trade policy for the group.

Oliver Jones from Capital Economics has warned that China's response to Trump's latest tariff threat could hit the USA stock market hard.

Trump's latest action will hit consumer products, which were spared from the first import levies. "There is no justification for such action", he said in a statement.

President Donald Trump has therefore ordered the trade department to "begin the process of imposing tariffs of 10% on an additional $200 billion of Chinese imports", Lighthizer pointed out.

The retaliatory tariffs that China enacted Friday targeted United States cars and major agricultural goods, such as soybeans and meat.

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

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

The latest escalation in the trade dispute sent markets lower.

At a forum in Beijing, a senior official accused the USA of "damaging the world economic order" and said it would "destroy" trade between the rival powers.

"At the same time, the trade dispute can easily be blamed for a variety of ills".

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

The additional USA tariffs, which will go through a two-month approval process including a public hearing, come after China retaliated in a tit-for-tat trade skirmish last week.

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

Beijing on Wednesday vowed to take "countermeasures" after the announcement.

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