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11 July 2018, 11:36 | Glen Norman
Following the introduction of reciprocal tariffs on $34 billion of the others imports on Friday, the United States, as promised, has announced a new list of 6,000 Chinese goods, totaling $200 billion, that may be hit with additional 10% tariffs by the end of next month.
China slammed the USA threat to expand tariff hikes to imports including apples, fish sticks and French doors as a "totally unacceptable" escalation of their trade battle on Wednesday and vowed to protect its "core interests".
The U.S.is pursuing a new set of tariffs that would hit $200 billion in Chinese goods, according to senior administration officials. It's unclear what that action could include.
Washington on Wednesday announced it was starting the process to slap 10-per cent tariffs on another $ 200 billion in Chinese export goods as soon as September. The index had gained for the past two sessions, having enjoyed a lull from the trade war fears that lashed global markets last week.
"This is an appropriate response under the authority of Section 301 to obtain the elimination of China's harmful industrial policies", Lighthizer added. In late morning trading, all major European indices are also nursing losses of more than 1%. They warned tariffs on imports raise consumer prices and expose US farmers and manufacturers to retaliation. "China is shocked by the irrational movement of the US".
Chinese officials are expected to retaliate in other ways, hitting USA firms in China with unplanned inspections, delays in approving financial transactions and other administrative headaches.
The abrupt escalation is "totally unacceptable", said a Commerce Ministry statement.
"At the same time, the trade dispute can easily be blamed for a variety of ills".
China's Commerce Ministry has vowed to retaliate to the countermove.
Senate Finance Committee chair Orrin Hatch (R-Utah) also took aim at the announced list, saying it "appears reckless and is not a targeted approach".
At a forum in Beijing, a senior official accused the U.S. of "damaging the world economic order" and said it would "destroy" trade between the rival powers.
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. "Unfortunately, China has not changed its behavior - behavior that puts the future of the US economy at risk".
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