Only 4 Days in, China-US Trade War Escalates

Only 4 Days in, China-US Trade War Escalates

However, in a statement this morning the Chinese ministry of commerce hit back, saying: "China is shocked by U.S. behaviour".

China "cannot match fresh U.S. tariffs", Vishnu Varathan of Mizuho Bank said in a report.

China 'cannot match fresh USA tariffs, ' Vishnu Varathan of Mizuho Bank said.

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

The National Retail Federation, an industry group, warned about the impact on prices from the new measures.

US Trade Representative Robert Lighthizer late Tuesday accused China of retaliating to its tariffs "without any worldwide legal basis or justification".

The move comes only days after the USA imposed $34 billion worth of tariffs on goods imported from Beijing.

The ministry said it "solemnly protests" the latest tariff list published by Washington, calling it "totally unacceptable". "To protect the core interests of the nation and its people, the Chinese government will be forced to impose necessary countermeasures". "At the same time, we call on the global community to work together to safeguard the rules of free trade and the multilateral trading system and jointly oppose trade hegemony", it added. Beijing has vowed to retaliate dollar-for-dollar.

US President Donald Trump has said he may ultimately impose tariffs on more than US$500 billion worth of Chinese goods - roughly the total amount of US imports from China a year ago.

The office will accept public comments and hold hearings on the plan between August 20 and 23 before reaching a decision after August 31, according to a senior administration official who briefed reporters on condition of anonymity. The threat to the US economy is less about a question of "if" and more about "when" and 'how bad.' Tariffs on such a broad scope of products make it inconceivable that American consumers will dodge this tax increase as prices of everyday products will be forced to rise.

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Auto parts retailers, which would also be affected by the latest tariff threats the USA lobbed at China, fell more steeply than the broader market.

That "will hit the Chinese export sector hard", said Rajiv Biswas of IHS Markit in a report.

Some in the USA business community, while rueing the damage caused by Trump's tariffs, privately say Beijing's recent emphasis on accelerating reforms may not be a coincidence.

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

This latest move follows an earlier $50 billion tariff, which levied 25 percent import duties on Chinese goods used mainly for manufacturing. China received more US crude oil in 2017 than the third- and fourth-largest importers combined, the United Kingdom and the Netherlands. There are fears that Beijing could attempt to disrupt operations of American automakers, retailers and others that see China as a key market. Regulators can deny or cancel licenses or launch lengthy tax, environmental or anti-monopoly investigations.

And Beijing is still holding up at least one major takeover involving foreign companies - USA chipmaker Qualcomm Inc's deal to buy Netherlands-based NXP Semiconductors NV.

The economic impact of the conflict already is spreading.

One senior European official commented that North Atlantic Treaty Organisation members are preparing for a worst-case scenario should Mr Trump repeat his threat to end or curtail defence cooperation, with allies not on track to hit their defence funding target of 2% of GDP by 2024.

Still, consumers need to be aware of the longer-term impact of the tariffs on manufactured goods, such as aluminum and steel, as well as retaliatory tariffs on US exports.

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