Trump readies tariffs on another $US200m of Chinese goods

Trump's Zero Tariff Solution

Trump's Zero Tariff Solution

In this July 6, 2018, photo, a truck moves a China Shipping shipping container at a port in Qingdao in eastern China's Shandong Province. There is no justification for such action.

The official said the decision was not final and that the list of Chinese goods would not become final until after the public had a chance to comment. The U-S president has long criticized China for what he calls unfair trade practices.

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

On Friday, the USA imposed 25-percent tariffs on around USD 34 billion in Chinese goods, sparking an immediate dollar-for-dollar retaliation from Beijing. President Donald Trump has threatened higher tariffs on more than $500 billion of goods, or almost all of China's annual exports to the United States.

The US complains that China uses predatory practices in a push to challenge American technological dominance. By expanding the list, the administration is beginning to hit products that United States households buy, including such things as electric lamps and fish sticks.

China slammed the latest USA tariff threat as a "totally unacceptable" escalation of their trade battle and vowed Wednesday to protect its "core interests".

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The $200 billion far exceeds the total value of goods China imports from the United States, which means Beijing may need to think of creative ways to respond to such US measures. Imposing taxes on another $200 billion worth of products will raise the costs of every day goods for American families, farmers, ranchers, workers, and job creators. All other major governments have approved the deal.

"The behaviour of the USA is hurting China, hurting the world, and hurting itself", a spokesperson for China's commerce ministry said in a statement.

Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose U.S. farmers and manufacturers to retaliation overseas.

Senate Finance Committee Chairman Orrin Hatch, a senior member of Trump's Republican Party, said the announcement "appears reckless and is not a targeted approach".

In financial markets, MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5%, while the main indexes in Hong Kong and Shanghai fell more than 2%.

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