US Releases $200bn List Of Chinese Products For Possible New Tariffs

Soybean prices have fallen dramatically in recent weeks.
Daniel Acker  Bloomberg

All told, Trump has threatened eventually to slap tariffs on up to $550 billion in Chinese imports - more than China actually exported to the United States previous year - if Beijing won't relent to USA pressure and continues to retaliate.

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

"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", Lighthizer said.

Reacting to the "totally unacceptable" decision by Washington, China's Ministry of Commerce in Beijing made it clear the world's second-largest economy would be forced to take "countermeasures".

The move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted".

He said the administration should get back to the negotiating table with China.

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

The President imposed steel and aluminum tariffs on these countries, and has threatened to hit them with levies on imported cars and trucks. President Donald Trump had ordered him last month to draw up the list in the event China retaliated against a previous round of US tariffs.

"Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters".

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's commerce ministry said on Wednesday it was "shocked" and would complain to the World Trade Organisation, but did not immediately say how it would retaliate.

Because China imports fewer goods from the USA than the US imports from China, it is unable to match US tariffs in value, according to a report from Mizuho Bank. His determination to renegotiate trade deals has targeted not only competitors on the world market such as China, but longtime friends and allies such as the European Union or Canada.

The American announcement came Tuesday - days after the US began adding 25 percent tariffs on $34 billion of Chinese goods.

Sources at other state-run news agencies told Reuters that they were instructed not to report on whether the trade war is negatively affecting Chinese businesses. The U-S Chamber of Commerce says the proposed measure would ultimately hurt American families.

The President's tariffs are already squeezing some USA firms, which have started to raise prices or lay off workers as a result.

Although the trade war obviously remains front and centre in the minds of investors, another factor at play is the nagging worry that Trump may want to pull the United States of America out of NATO (the North Atlantic Treaty Organisation) - a move that would represent a fundamental upheaval in the worldwide order, and have a huge impact on markets.

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