US Releases $200bn List Of Chinese Products For Possible New Tariffs

US Releases $200bn List Of Chinese Products For Possible New Tariffs

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.

However, Mr Lighthizer also opened the door again to a negotiations with China before the latest round of tariffs take effect.

"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".

"As in the past, the United States is willing to engage in efforts that could lead to a resolution of our concerns about China's unfair trade practices and to China opening its market to U.S. goods and services", he added. "At the same time, China will report the US' unilateral behaviour to the World Trade Organization", reports China News.

US Trade Representative Robert Lighthizer writes that these new tariffs come as a response to how Beijing retaliated to the initial tariffs - quickly implementing matching tariffs on the same amount of US exports to China.

China meanwhile said it was "shocked" and warned it would impose countermeasures "to safeguard the core interests of the country and the fundamental interests of the people".

Orrin Hatch, the Republican Senate Finance Chairman, condemned the move as "reckless" and not "targeted", while U.S. stock index futures fell in early Asian trading.

The US complains that China uses predatory practices in a push to challenge American technological dominance.

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In Beijing, Li Chenggang, assistant minister at China's Commerce Ministry, said that the latest USA proposals would hurt both countries and pointed to declines in Chinese export growth and overseas investment to the United States in the first half of this year.

The tariffs will not be imposed until after a two-month period of public comment on the proposed list, but some U.S. business groups and senior lawmakers were quick to criticise the move.

National Retail Federation senior Vice President for Government Relations David French said the move "doubles down on a reckless strategy that will boomerang back to harm USA families and workers".

The FTSE 100 finished 100.08 points or 1.3 percent lower and Germany's Dax fell 1.53 percent.

Industrial metal markets are often viewed as an economic bellwether and the losses suggest that traders are starting to price in a slump in global growth.

On Wednesday, Japan's stock market benchmark fell 1.2 per cent while Hong Kong's main index lost 1.7 per cent and the Shanghai Composite index dropped 2.1 per cent.

The US on Tuesday published a list of $200 billion (€170 billion) worth of Chinese goods that could soon be hit with tariffs. China then fired back with retaliatory tariffs on $34 billion worth of USA goods, including soybeans and pork.

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