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

Trump Announces New Taxes on TVs and Air Conditioners

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

The administration said the new levies were a response to China's decision to retaliate against the first round of United States tariffs.

In announcing the proposed tariffs, us trade representative Robert Lighthizer said, "For over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition".

The foreign ministry described Washington's threats as "typical bullying" and said China needed to counter-attack to protect its interests.

More than 6,000 items could be affected - including burglar alarms, auto tyres, handbags, baseball gloves, carpets, toilet paper, dog food, and hundreds of food products.

Investors were wary of China response to the latest US tariff threat, as the country's assistant commerce minister said the proposed USA duties harm the World Trade Organization system and globalisation.

China has become a key trade partner for US energy exports, and potential tariffs on USA energy goods could hurt US producers and industries.

Metal prices also slumped after 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.

That intensification of the trade skirmish, which is now being upgraded to a full-scale trade war by some commentators, has investors spooked about the future of the global world order, and the global economy, pushing stock markets around the world deep into the red. The latest list and round of tariffs comes on the heels of two other rounds of tariffs imposing 25 percent duties on $34 billion and $16 billion worth of Chinese imports.

Chinese tariffs have already taken a toll on US exports such as soybeans, which raises questions about the possible political repercussions President Trump could face from farmers who supported him in the 2016 election.

The suggested new tariffs will not be implemented until after a public comment period, which runs through August.

The move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted".

That's why Trump can slap tariffs on them just because he feels like it.

Canadian soybean farmers are feeling the pain from already imposed Chinese tariffs on American goods.

The President's tariffs are already squeezing some US firms, which have started to raise prices or lay off workers as a result.

As for China, the additional tariffs will hit its export sector hard, IHS Markit's Asia-Pacific chief economist Rajiv Biswas said in a note.

"American families are the ones being punished". "Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war". The latest list hits items that USA households buy, including electric lamps, apple juice and fish sticks. China immediately retaliated with tariffs on its own list of $34 billion worth of American goods.

The US trade deficit in goods with China ballooned to a record $375.2bn previous year, stoking Trump's anger.

"In part because they have only limited ammunition and in part because it's still early in the process on the United States side", Kuijs said.

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