New round of tariffs targets $200 billion of Chinese goods

New round of tariffs targets $200 billion of Chinese goods

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

An all-out trade war with China could affect a third of all USA imports, data from Deutsche Bank Torsten Slok show.

Seems like President Trump is looking out for his little girl. He's already imposed retaliatory duties targeting Trump's base including Iowa soybeans and Kentucky bourbon. China responded with levies of its own, targeting $34 billion in USA products such as pork and whiskey.

Although the source was not disclosed, Chinese news site China Digital Times published a "propaganda notice" which listed the do's and don'ts for reporters covering the sensitive issue. Wednesday's strong flows into the dollar/yen trade continued a trend that began after the United States last week reported decent employment data and a pickup in wages.

Stocks fell, the dollar gained and commodities slid with emerging-market assets Wednesday as investors assessed the fallout.

Jack Gerard, Cal Dooley, and Edward R. Hamberger-the president and CEO of the American Petroleum Institute, president and CEO of the American Chemistry Council, and president and CEO of the Association of American Railroads, respectively-wrote in an opinion piece in the Washington Examiner published on Wednesday that the trade war is threatening the US economy and could add "hundreds of billions of dollars in potential costs for American businesses - costs that could ultimately be borne by consumers".

Beijing vowed to retaliate to the latest move, calling the USA action "totally unacceptable".

The Wall Street Journal, citing unnamed Chinese officials, said Beijing was considering steps including holding up licences for USA companies, delaying approvals of mergers involving U.S. firms and stepping up border inspections of American goods.

A U.S. Dollar note is seen in this June 22, 2017 illustration photo.

The Aug. 30 date ensures the trade fight features prominently in November's USA congressional elections, and the announcement exposed fissures between Trump and his Republican Party about the strategy.

The Trump administration pushed ahead with plans to impose tariffs on additional $200 billion in Chinese products by releasing a list of targets, marking a sharp escalation in a trade war between the world's two largest economies.

China gave no details, but it has plenty of options to retaliate that could extend beyond additional tariffs on U.S. imports.

Global markets in turmoil as Trump intensifies trade war once again. It includes fruit and vegetables, handbags, refrigerators, rain jackets and baseball gloves. Other high-profile items such as mobile phones have so far been spared.

The proposals will undergo a two-month review process before it is implemented, CNN reported.

The United States complained China used predatory practices in a push to challenge American technological dominance.

In a statement, U.S. Trade Representative Robert Lighthizer said that the new 10-percent tariffs were in response to what he called China's "retaliation and failure to change its practices". "Unfortunately, China has not changed its behaviour - behaviour that puts the future of the USA economy at risk".

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