Economy

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

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

China gave no details but earlier threatened "comprehensive measures" if Washington took more action.

China has, in recent years, become a key export market for growing USA energy exports.

The spiraling conflict over U.S. complaints about Chinese technology policy has prompted warnings it might chill global economic growth.

Asian stocks retreated and perceived safe havens such as the yen and US Treasuries rose on Wednesday after the United States said it would impose tariffs on an extra 200 billion worth of Chinese imports, sharply escalating the trade war between the world's two biggest economies. The move made good on the president's threat to respond to China's retaliation for the initial us tariffs on $34 billion in Chinese goods, which went into effect on Friday.

"The Chinese side is shocked by the actions of the USA", a statement on the ministry's website declared.

"The behavior of the U.S. is hurting China, hurting the world, and hurting itself", it said.

The threat of additional tariffs on $200 billion worth of goods "would mean that around half of Chinese exports of goods to the US would face significant USA punitive tariff measures", Rajiv Biswas, Asia Pacific Chief Economist at IHS Markit, said in a note.

The USTR will accept public comments and hold hearings August 20-23 before reaching a decision after August 31, according to a senior USA official who briefed reporters on condition of anonymity. While this initial move focused more on Chinese industrial products, the follow-up promises to instead affect ordinary consumers. The latest list hits items that US households buy, including electric lamps, apple juice and fish sticks.

Beijing on Wednesday vowed to take "countermeasures" after the announcement. China quickly responded by imposing tariffs on $34 billion in USA products. That means China's imports of USA goods are so small that Beijing "cannot match fresh United States tariffs", said Vishnu Varathan of Mizuho Bank in a report. Regulators can deny or cancel licenses or launch lengthy tax, environmental or anti-monopoly investigations.

In addition, the U.S.is considering separate duties on a further US$16 billion in Chinese goods, after a public hearing later this month. All other major governments have approved the deal.

Sources in Chinese state media told Reuters that Beijing is concerned that negative coverage of the president could further inflame the trade conflict between the two countries.

The move has been swiftly and heavily criticised by China, which said it was "totally unacceptable" for America to keep escalating the trade dispute.

Because China imports fewer goods from the USA than the US imports from China, it is unable to match USA tariffs in value, according to a report from Mizuho Bank.

Senate Finance Committee Chairman Orrin Hatch called it "reckless", adding that the tariffs were "not a targeted approach". The Trump administration has tried to limit the impact of the trade war on consumers and any backlash that it might prompt, but the scale of these tariffs make it next to impossible to protect them.



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