Trump administration threatens tariffs on another $200 billion in Chinese imports
12 July 2018, 07:30 | Isaac Mcdaniel
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Li Chenggang, an assistant minister at the Commerce Ministry, had earlier told reporters that the United States is escalating the trade war, which is an irresponsible move.
More than 6,031 product lines are affected by the proposed tariffs, including seafood, fruits and vegetables, grains, tobacco, auto rearview mirrors and burglar alarms.
The new list published on Tuesday targets many more consumer goods than those covered under the tariffs imposed last week, raising the direct threat to consumers and retail firms and increasing the stakes for lawmakers in Trump's Republican party facing elections in November.
Grassley said the Trump administration tariff fight has "a very detrimental effect on current markets" and that the impact is rippling through other industries in his state beyond agriculture.
Goods to be targeted range from chemicals and construction materials to fabric and buttons to handbags and food products to boats and air conditioners - a sweeping inventory that would inflict economic pain across China's manufacturing sector while jacking up prices for USA businesses and consumers. It stems from Washington's belief 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.
"Trade experts we have consulted point to the potential for anti-U.S. social media campaigns, delays or blockage of regulatory approvals, travel bans, investment restrictions, among other options", Raymond James analyst Ed Mills said in a report.
'Tonight's announcement appears reckless and is not a targeted approach, ' Senate Finance Chairman Orrin Hatch said.
The U.S. said it had no choice but to move forward on the new tariffs after China failed to respond to the administration's concerns over unfair trade practices and Beijing's abuse of American intellectual property, according to two senior officials who spoke to reporters.
The move comes only days after the USA imposed $34 billion worth of tariffs on goods imported from Beijing.
Meanwhile, farmers hurt by Chinese tariffs on USA agricultural exports pose a political risk for Mr. Trump and for Republicans, especially as the November midterm elections loom.
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"We have been very clear and detailed regarding the specific changes China should undertake", Lighthizer added.
The fight with China comes as Mr. Trump is also locked in a trade war with Canada, Mexico, the European Union and other USA allies.
Just days after firing the first shot in its trade skirmish with Beijing, the Trump administration unveiled a list of 6,000 Chinese products ranging from toilet paper to baseball gloves that will face a 10pc tariff.
The U.S. Trade Representative is taking comments on these proposed tariffs until August 17.
"The Chinese side is shocked by the actions of the U.S.", a statement on the ministry's website declared.
NAM urged the Trump administration to negotiate a trade treaty with China.
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However, the worst performing market was the Shanghai composite, which tumbled 1.8 per cent.
"China's failure to fully embrace the open, market-oriented policies on which this institution is founded must be addressed, either within the WTO or outside the WTO", Shea said according to prepared remarks released by the USA mission.
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