China: Tit-for-tat tariffs will ‘destroy’ US-China trade

China: Tit-for-tat tariffs will ‘destroy’ US-China trade

President Donald Trump has said he may ultimately impose tariffs on more than $US500 billion worth of Chinese goods - roughly the total amount of USA imports from China a year ago.

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

Robert Holleyman, the US official in charge of trade with Asia during former president Barack Obama's second term, described the tariffs as "tax hikes on USA imports". The US hit Chinese exports worth $34 billion with a 25 per cent tariff last week and Beijing infuriated the White House by... But China only bought about $135 billion in USA goods past year, meaning it will run out of American products to tax before it matches Trump's latest move. Trump has demanded that China cut its trade deficit with the U.S.by $200 billion in two years.

"Rather than address our legitimate concerns, China has begun to retaliate against United States products".

Less than a week into the trade war with China, President Trump is already thinking about levying more tariffs against goods imported from that nation to the U.S.

Unfortunately for markets, no end is in sight, with further retaliatory levies nearly certain to be enacted by China in the coming days or weeks. "There is no justification for such action".

"Tonight's announcement appears reckless and is not a targeted approach", said Senate Finance Chairman Orrin Hatch in a statement.

The Retail Industry Leaders Association, a lobby group representing the largest USA retailers, said: "The president has broken his promise to bring 'maximum pain on China, minimum pain on consumers'".

Van der Sar backs Belgium for World Cup glory
This is the youngest English side in years and I think they'll do very well against Croatia ". The summer party rolls on and we don't want it to stop.

There is a two-month period of public comment on the latest proposed list before the tariffs get imposed.

The chairman of the Senate Judiciary Committee appeared on CNN's "New Day" Wednesday morning and told Alysin Camerota that recent Chinese tariffs targeting USA exports of soybeans and corn had a profound effect on his state.

Instead, if Trump wants to solve the issue, he needs to "call up the Fed and tell them, 'Let interest rates find the right level, ' and we'll begin to adjust this problem over time", Stockman said.

China's commerce ministry said it was "shocked" and would complain to the World Trade Organisation, but did not immediately say how it would retaliate. They criticize Trump's tactics but share US complaints about Beijing's industrial policies.

Tne Trump administration has announced additional China tariffs, say insiders.

China has warned that the United States threatens to wreck the global economy after Washington escalated the trade war on Tuesday night.

The dramatic move by Trump sent a shockwave through Asian markets last night, with the Shanghai Composite index dropping 2.1 per cent and the CSI300 index of major Shanghai and Shenzhen stocks tumbling 2 per cent.

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