Trade war Round 2? USA threatens new tariffs on China

Trade war Round 2? USA threatens new tariffs on China

On Friday, the USA imposed 25-percent tariffs on around $34 billion in Chinese goods, sparking an immediate dollar-for-dollar retaliation from Beijing.

When asked if China believes it can still restart the talks with the US, Hua replied that a trade war is the last thing they want, but are in no way afraid of fighting one.

United States officials issued a list of thousands of Chinese imports the Trump administration wants to hit with the new tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminum.

South Korea's government has weighed in this morning, warning that its exports could be hurt by the escalating dispute between Washington and Beijing.

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.

In announcing the proposed tariffs, USA 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".

US Trade Representative Robert Lighthizer said there was "no justification" for China's retaliation.

"The trade dispute between China and the U.S.is a big deal, and to the extent that it goes to a full scale war that potentially is recessionary basically for the global economy so we have to be careful here", Tal said.

Beijing on Wednesday vowed to take "countermeasures" after the announcement. "To protect the core interests of the nation and its people, China's government is, as in the past, forced to retaliate".

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The earliest they would come into effect is September.

"It seems that the U.S. is escalating the scale of this trade friction", Li added.

Hong Kong lost 1.3 per cent and Shanghai ended off 1.8 per cent, while Seoul shed 0.6 per cent and Singapore gave away 0.9 per cent. Sydney retreated 0.7 per cent, while Jakarta was also sharply lower. China imported only $130 billion in goods from the US a year ago but could retaliate through other means including regulatory moves and investigations of USA companies.

Some US business groups and senior lawmakers were quick to criticise the move.

Most U.S. businesses operating in China oppose using tariffs as a weapon to solve their problems ranging from market access to poor protection of intellectual property rights, a survey suggested on Thursday.

Orrin Hatch, the Republican Senate Finance Chairman, condemned the move as "reckless" and not "targeted", while USA stock index futures fell in early Asian trading. For example, the tariffs will affect parts of planes and vehicles made in China.

Beijing recently indicated that its response to more tariffs would include "qualitative" measures, which many analysts interpreted as creating regulatory hurdles or even stoking anti-US sentiment among consumers of U.S. products. Accordingly, the Trade Representative is proposing to modify the action in this investigation by maintaining the original $34 billion action and the proposed $16 billion action, and by taking a further, supplemental action"-the additional 10% ad valorem on $200 billion worth of Chinese goods now proposed".

A Commerce Ministry statement said, "It is totally unacceptable for American side to publish a tariff list in a way that is accelerating and escalating".

The newly imposed tariffs on Chinese goods will "harm American consumers and businesses" without addressing USA trade issues with China, Josh Kallmer of Information Technology Industry Council said in a statement. "China has no option but to fight fire with fire".

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