Markets hit as Trump threatens new tariffs on China

The latest list and round of tariffs comes on the heels of two other rounds of tariffs imposing 25 percent duties on $34 billion and $16 billion worth of Chinese imports. Beijing immediately responded with its own tariffs on U.S. goods worth $34 billion.

U.S. soybean farmers are expected to get whacked by President Donald Trump's trade war with China, but not before helping hand the president a potentially significant economic victory.

The Trump administration released a wide-ranging list of Chinese goods it wants to hit with tariffs, including hundreds of food products as well as tobacco, coal, chemicals and tires, dog and cat food, and consumer electronics including television components.

The US complains that China uses predatory practices in a push to challenge American technological dominance.

Beijing imposed its tariffs on Friday in retaliation for U.S. tariffs on Chinese goods. The levies announced Tuesday - together with some US$50 billion already in the works - stand to raise import prices on nearly half of everything the USA buys from the Asian nation.

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

It also said that China would have to respond to the USA actions.

TESLA IN CHINA: Electric auto producer Tesla said late Tuesday that it will build its first factory outside the United States in Shanghai. That's why Trump can slap tariffs on them just because he feels like it.

The policy is a top concern for U.S. officials.

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

Mr Lighthizer said the products targeted by the tariffs are those that benefit from China's industrial policy and forced technology transfer.

It wasn't immediately clear how China would respond to the new tariff list.

LONDON - Global markets are getting hammered on Wednesday as the trade war between the Trump administration and China intensifies, while fears also rise that Trump could pull the United States of America out of North Atlantic Treaty Organisation.

During its trade dispute with the United States, which has seen the world's two biggest economies impose new import tariffs on each other's goods, China could increase its imports of soybeans from South American countries, Cofco president Yu Xubo said in an interview with the Communist Party's official People's Daily. High-level talks between the two countries starting in May failed to deliver a breakthrough to head off a trade war.

Tuesday's announcement was met with backlash from some quarters.

China slammed the USA threat to expand tariff hikes to imports including apples, fish sticks and French doors as a "totally unacceptable" escalation of their trade battle on Wednesday and vowed to protect its "core interests".

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

The Retail Industry Leaders Association, a lobby group representing the largest U.S. retailers, said: "The president has broken his promise to bring 'maximum pain on China, minimum pain on consumers'".

Even more tariffs could be on the way.

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