German firms now HIT by Trump's tariffs on £200BN of China goods

In response to earlier reports that the USA was considering the move, Chinese foreign ministry spokesman Geng Shuang warned Wednesday that "blackmail and pressure from the United States side will never work on China".

The White House on Wednesday proposed a 25 percent tariff on $200 billion worth of Chinese goods, more than double the 10 percent tax rate originally planned.

Trump's trade fights, including the battle with China, are starting to seep into the United States economy based on recent data.

China's Commerce Ministry is out with its response on the latest U.S. tariff threat, with the key headlines found below (via Reuters).

The next wave of US tariffs is set to kick in as soon as Wednesday, with the possible imposition of duties on another $16 billion of Chinese imports.

The US dollar has been strengthening since April as the central bank has been raising lending rates, which draws investors looking for higher returns.

The trade talks between Washington and Beijing have bogged down in recent weeks, a period in which the two nations have imposed reciprocal tariff hikes on various products.

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In a tweet last month, US President Donald Trump suggested that China could be undermining a North Korean denuclearisation deal because of the ongoing trade war.

The US has already placed tariffs on Chinese goods worth $34 billion to punish Beijing for what it claims is unfair trade practises, while China lashed out with tit-for-tat tariffs.

While American and Chinese officials have hinted at the possibility of restarting talks in recent weeks, it's been nearly two months since they last held high-level negotiations. The communique, which followed a meeting of the country's most senior leaders led by President Xi Jinping, said the campaign to reduce leverage will continue at a measured pace while improving economic policies to make them more forward-looking, flexible and effective in the second half.

Chinese officials said they were prepared to retaliate again with higher tariffs of their own.

"We hope that those directly involved in the United States' trade policies can calm down, carefully listen to the voices of USA consumers.and hear the collective call of the global community", Wang, a member of the country's state council, or cabinet, said in Singapore.

"It's hard to see how this action lends itself towards a resolution to what is increasingly a trade crisis", he told AFP. The step reportedly comes as negotiations between officials from the U.S. and China failed to ease current trade tensions.

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