China vows fightback against Trump’s proposed US$200b tariff threat

Trump Announces New Taxes on TVs and Air Conditioners

On Tuesday, July 10, the Trump administration released a proposed second list of $200 billion worth of Chinese goods that will face up to a 10% tariff.

China's expected retaliation to the latest announcement will be met with duties on another $200 billion in products, Trump said.

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

The list names more than 6,000 items including food products, minerals and consumer goods such as handbags. It stems from Washington's complaint that Beijing steals or pressures companies to hand over technology and worries that plans for state-led development of Chinese champions in robots and other fields might erode American industrial leadership. It warned that China would have to respond with "necessary countermeasures" but didn't provide details.

"The action came just days after Washington levied punitive duties on $34 billion worth of Chinese products, and Beijing vowed to retaliate with equivalent tariffs on American goods".

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US Senate Finance Committee Chairman Orrin Hatch described the move was "reckless".

Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose USA farmers and manufacturers to retaliation overseas.

The president last month asked the U.S. Trade Representative's office to identify US$200 billion of Chinese goods that could be hit with 10 percent tariffs. In a statement, it called the USA actions "completely unacceptable".

In financial markets, MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5 per cent, while the main indexes in Hong Kong and Shanghai fell more than two per cent.

South Korea's exports to China jumped 30 per cent in June, driven by chips and other intermediary goods, the trade ministry said earlier this month.

Pompeo shrugs off 'gangster' rebuke from North Korea
North Korea also accused the United States of trivializing the significance of suspending military exercises with South Korea. China is North Korea's closest partner but had previously helped the USA exert pressure on Kim over his nuclear program.

Opponents have been quick to voice their dissent with Trump's decision to escalate the already white-hot trade dispute between the United States and China. "They're getting increasingly anxious about where this is all going", Ed Brzytwa, director of global trade for the American Chemistry Council, which represents chemical companies, told the BBC on Tuesday before the latest measures were announced.

Stocks began to be traded lower today as a trade war between the United States and the other major economies became a reality after President Donald Trump unveiled new tariffs on Chinese goods.

"China has no option but to fight fire with fire".

"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", David French, the group's senior vice president for government relations, said in a statement. "So, now he's fighting two wars and that's a bit complicated", Tal said. "It will also result in retaliatory tariffs, further hurting American workers", a Chamber spokeswoman said.

After talks, NKorea accuses USA of 'gangster-like' demands
The discoveries have further undercut Trump's assertion that North Korea was "no longer a nuclear threat". He said: "I'm counting on Chairman Kim to be determined to follow through on the commitment that he made".

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