'Shocked' by Latest U.S. Tariffs, Beijing Seeks Retaliatory Action

European exporters shift trade to avoid higher US tariffs

However, because China exports more to the United States than it imports there are limits on the amount of tariffs Beijing can impose on American goods.

Senate Finance Committee Chairman Orrin Hatch said the announcement "appears reckless and is not a targeted approach". The prospect of an global trade war has sent jitters through world markets.

The 200-page document, released on Tuesday by the US Trade Representative's office, gives notice to those who wish to comment on the proposal and lists hundreds of products that would be subjected to the new tariffs.

The United States had just imposed tariffs on Dollars 34 billion worth of Chinese goods on Friday, drawing immediate retaliatory duties from Beijing on USA imports in the first shots of a heated trade war.

"This is an appropriate response under the authority of Section 301 to obtain the elimination of China's harmful industrial policies", Robert Lighthizer, the US trade representative (USTR), said.

"There certainly is going to be pronounced risks mainly because we have now moved on to the tit-for-tat-for-tit phase of it", said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore. "At the same time, China will report the US' unilateral behaviour to the World Trade Organization", reports China News.

As the U.S. -China trade spat turns into a full-blown war with tariffs and retaliatory tariffs and threats of further tariffs, U.S. energy exports to China may suffer if Beijing follows through with its threat to slap tariffs on U.S. oil and oil product imports.

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The Trump administration said the proposed list, which would put 10 percent tariffs on thousands of different categories of Chinese imports, is needed to increase the pressure on Beijing to change what the USA calls unfair trade practices.

With US-China trade tensions continuing to rise, nearly every major asset has tumbled - including the Australian dollar, gold, oil, base metals and global stocks.

According to the US, China uses predatory practices in a push to challenge American technological dominance - and allegedly forces American companies to hand over technology in exchange for access to the US market.

China accused the United States of starting "the largest trade war in economic history", after the first round of tariffs took effect last week.

The Chinese government, however, called it "totally unacceptable" and said it would take unspecified countermeasures. That raises the risk China could retaliate in other ways, such as placing restrictions on us companies doing business in the country.

"Tariffs on such a broad scope of products make it inconceivable that American consumers will dodge this tax increase as prices of everyday products will be forced to rise", he said. Trump has said he may ultimately target more than $500 billion worth of Chinese goods, the total amount of U.S. imports from China previous year. "We will always fight for American farmers to export what we grow and raise around the planet". That would leave China only $80 billion for further retaliation. China responded to that action by imposing tariffs on $34 billion of USA products, and the country has vowed to take countermeasures against the current action as well.

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