Trump preparing additional tariffs on $200B in Chinese goods

Trump preparing additional tariffs on $200B in Chinese goods

However, in a statement this morning the Chinese ministry of commerce hit back, saying: "China is shocked by United States behaviour".

The US on Tuesday published a list of $200 billion (€170 billion) worth of Chinese goods that could soon be hit with tariffs. A public hearing is scheduled for August 20-23.

The trade confrontation between Washington and Beijing has been escalating for months, despite Trump's repeated statements that he has a good relationship with China's President Xi Jinping.

In an April Twitter post, Trump said this allowed China to "get tremendous perks and advantages, especially over the US".

The Senate intends to vote on Wednesday on a nonbinding measure that would insert provisions requiring Congressional approval of tariffs into water and energy "minibus" spending bills, Senator Jeff Flake (R-Arizona) told Bloomberg.

The U.S. trade deficit in goods with China ballooned to a record $375.2 billion past year, stoking his anger over trade policies.

The country's Commerce Ministry earlier threatened "comprehensive measures", which were feared to include harassing American companies in China.

"Tariffs are taxes, plain and simple".

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

"This is an appropriate response under the authority of Section 301 to obtain the elimination of China's harmful industrial policies", Lighthizer added.

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Chinese tariffs have already taken a toll on USA exports such as soybeans, which raises questions about the possible political repercussions President Trump could face from farmers who supported him in the 2016 election.

U.S. futures are also taking a hit, albeit at a slightly lower level.

China's Commerce Ministry slammed the latest USA threat as a "totally unacceptable" escalation of their dispute and promised to protect its "core interests". "Cooperation is the only correct choice between China and the United States".

The price has plummeted because Canadian prices are set based on American ones.

FILE PHOTO: Workers ride on an motor rickshaw through an aluminium ingots depot in Wuxi, Jiangsu province in this September 26, 2012 file picture.

Proposed tariffs on another US$200 billion of Chinese imports have been rolled out with Beijing vowing to retaliate. The tariffs could raise the price of everything from baseball gloves to handbags to digital cameras just voters are heading to the polls.

The S&P 500 dropped 0.7 percent as energy, materials and industrials all fell more than one percent.

On Wednesday, China's main stock index lost 1.8 per cent and Japan's market benchmark fell 1.1 percent. President Donald Trump had ordered him last month to draw up the list in the event China retaliated against a previous round of USA tariffs.

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

"The President has broken his promise to bring 'maximum pain on China, minimum pain on consumers, ' and American families are the ones being punished", Hun Quach, RILA VP of global trade, said in a statement.

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