Trade war Round 2? United States threatens new tariffs on China

Trade war Round 2? United States threatens new tariffs on China

The list is subject to a two-month public comment period.

A senior White House official told CNBC that the reason for the $200 billion figure was that it's "roughly equal to their exports to us".

"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. "Rather than altering those practices, it is now threatening United States companies, workers, and farmers who have done nothing wrong".

The list of big decliners included exporters to China, such as Caterpillar, which fell 3.2 per cent, Boeing, down 1.9 per cent and Deere & Company, down 2.2 per cent.

The ministry said it "solemnly protests" the latest tariff list published by Washington, calling it "totally unacceptable". The tariffs announced Tuesday would be the third wave. "As an industry that touches 96 percent of all manufactured goods and which has much to gain from a productive, respectful trading relationship with China, ACC and our members remain hopeful that the USA and China can resolve their differences and prevent further harm to US manufacturers, farmers, and consumers".

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

David Cohen, a political scientist at the University of Akron, said the pressure on Mr. Trump will mount as the economic pain spreads from affected companies to be more widely felt by consumers.

The rise in the interest rate helped push the loonie up earlier in the day, but it averaged 76.04 cents U.S. for a 0.15 of a U.S. cent drop on the day on trade tensions, said Del Greco.

Ivanka's company develops its goods exclusively in foreign countries (not exactly along the lines of her father's hard-hitting slogan to "buy American and hire American").

Democratic Senators Issue Last-Minute Warnings About Trump's Supreme Court Pick
As a result, Trump found more than twice as many judicial vacancies waiting for him when he entered the White House as Obama did. The last thing working men and women in Pennsylvania need is another corporate justice on an increasingly corporate court .

The policy is a top concern for United States officials.

"The threat of more trade barriers is unlikely to sway China from its plan to make its domestic chip industry self-reliant, and to create a strong supply chain as a key enabler for innovation in other technologically intensive industries", analysts at BMI Research said in a note to clients Tuesday.

China's stocks slumped following news of the new tariffs after three days of gains, and the yuan weakened.

The eventual goal is to impose tariffs on 40% of Chinese imports, the same proportion of US goods hit by Beijing's retaliation, an official told reporters.

China has imposed retaliatory tariffs on $US34 billion of American goods as a trade war begins. China, on the other hand, maintained that the country was "forced to strike back to safeguard core national interests and the interests of its people".

"Tonight's announcement appears reckless and is not a targeted approach", said Senate Finance Chairman Orrin Hatch in a statement.

U.S. ambassador Dennis Shea, who was among the first to speak at the closed-door review, argued that China had exploited its membership to take advantage of other nations and that if unchecked Beijing's misconduct would ruin the WTO.

"Tariffs are taxes, plain and simple".

Even more tariffs could be on the way.

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