Economy

United States to list tariffs on another US$200 billion of Chinese products

United States to list tariffs on another US$200 billion of Chinese products”

Lighthizer's office will hear public comments on the plan and will reach a decision after August 31, according to a senior administration official who briefed reporters on condition of anonymity.

"Consumers, businesses and the American jobs dependent on trade are left in the crosshairs of an escalating global trade war". Another source who is familiar with the situation confirmed the Bloomberg report to Reuters.

The Trump administration said Tuesday it will publish a proposed list of an additional US$200 billion in Chinese products to be hit with tariffs, marking a sharp escalation in a trade war between the world's two largest economies.

U.S. tariffs are the first stage in levies threatened by the Trump administration on a total of $450 billion worth of Chinese goods.

Companies are "scrambling to readjust supply chains" so goods bound for the United States don't pass through China, Harborn said at a news conference.

Consumer-goods companies have been bracing for months as the Trump administration steadily ramped up its rhetoric on trade with China and other major trade partners.

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

The White House has complained that China has used predatory practices in a relentless push to grant Chinese companies an unfair advantage in the industries of the future, including robotics, electric cars and biopharmaceuticals. Industry groups have also highlighted the duties' potential to derail USA economic growth.

The American president told reporters that tariffs on an additional $16 billion in Chinese goods are set to take effect in two weeks.

Beijing, meanwhile, has unveiled measures to help Chinese companies absorb the US trade blows, pledging to funnel money collected from its own import levies to firms and workers tangled in the escalating trade war.

Chinese authorities implemented tit-for-tat tariffs on key United States exports into China, including some major agricultural products. Consumers, businesses and the American jobs dependent on trade, are left in the cross-hairs of an escalating global trade war, said Hun Quach, the head of worldwide trade policy for the group. "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".

Chinese officials also encouraged businesses to reduce their reliance on US goods, urging them to shift orders for products such as soybeans and automobiles to suppliers in China or countries other than the United States.



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