USA unveils tariffs on $200 billion more in Chinese imports

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

China vowed to challenge the "completely unacceptable" move at the World Trade Organisation as global stock markets fell back in Asia and Europe this morning.

United States trade representative Robert Lighthizer announced that the United States was acting because China had not heeded previous warnings.

On Tuesday, the Trump administration announced that it would assess an additional 10 percent tariff on up to $200 billion of Chinese goods.

"We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy", he said in a statement.

China said it is "shocked" after the U.S. announced plans for fresh tariffs, escalating a trade war between the two countries. "At the same time, China will report the US' unilateral behaviour to the World Trade Organization", reports China News.

During its trade dispute with the U.S., which has seen the world's two biggest economies impose new import tariffs on each other's goods, China could increase its imports of soybeans from South American countries, Cofco president Yu Xubo said in an interview with the Communist Party's official People's Daily.

England's Raheem Sterling provid.ity that makes Gareth Southgate's dynamic system tick
In his second season under Pep Guardiola, Sterling bagged a career-best 23 goals in 46 appearances as Manchester City stormed to the Premier League title.

"The Chinese side is shocked by the actions of the USA", it said in a statement, according to a translation by Google.

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

China's Commerce Ministry slammed the latest USA threat as a "totally unacceptable" escalation of their dispute and promised to protect its "core interests".

"There is still a good six or seven weeks before these (tariffs) take effect so it is not like we are going to see these tomorrow, but it is definitely the next step in a trade war", TD Securities global strategist James Rossiter said.

Just when the Dow Jones seemed poised to break past 25,000, news of an extra $200 billion in tariffs on China knocked it back down, and the media is in an absolute frenzy.

Trump has repeatedly complained the USA has been "ripped off" by other countries for decades, citing trade deficits. Hong Kong's Hang Seng lost more than 1 per cent, as did Japan's Nikkei as the yen received something of a safety bid.

China's assistant commerce minister Li Chenggang said earlier on Wednesday that the latest proposed tariffs harms the World Trade Organisation (WTO) system and hurts globalisation. "In the absence of such discussions, the USA and China seem set for a more full-blown trade war, with major economic implications for themselves and the global economy".

Related news:

Hot News

isis-killer-beheading-video-story-top Gareth Southgate lookalike wants England manager KNIGHTED as Croatia game looms
Jul 12, 2018 - 00:28
However, former Manchester United defender Gary Neville has revealed that he was anxious about about how three England players would cope going into the tournament.

isis-killer-beheading-video-story-top Kylie Jenner To Become Youngest ’Self-Made’ Billionaire Ever After Making $900 Million
Jul 12, 2018 - 00:01
Kylie - who owns 100% of the company, now worth almost $800 billion - credits social media for helping her build such a massive following of customers.

isis-killer-beheading-video-story-top Federer knocked out of Wimbledon by Anderson
Jul 11, 2018 - 22:42
Federer starts as favourite to book a place in the semi-final, given his head-to-head record against Anderson which stands at 5-0. Although Federer's forehand was getting more erratic with each passing game, it seemed Anderson had too big a moment to climb.

isis-killer-beheading-video-story-top Rick Zamperin: Kawhi Leonard joining the Raptors is a longshot
Jul 11, 2018 - 22:28
According to Bontemps, the Philadelphia 76ers have consistently remained atop the list of teams expected to land Leonard . The Philadelphia 76ers are said to be the only Eastern Conference team that Kawhi would consider re-signing with.

isis-killer-beheading-video-story-top England RL stars get behind Southgate's World Cup stars in hilarious video
Jul 11, 2018 - 22:01
We may all be able to look back and laugh at it now, but it turns out Pizza Hut thought it was pretty amusing at the time too. Houghton led England women to the final four of the World Cup in 2015, where they lost 2-1 to Japan.

isis-killer-beheading-video-story-top Officer off beat after dispute over Puerto Rican shirt
Jul 11, 2018 - 21:40
Irizarry filmed the video about a month ago, but it has gained recent traction and since been watched more than a million times. The June incident, which the governor of Puerto Rico said "appalled, shocked, and disturbed" him, spread shock on social media.

isis-killer-beheading-video-story-top Croatia vs. England preview, time, how to watch
Jul 11, 2018 - 19:39
However, Liverpool centre-back Lovren dismissed such fears. "This is maybe a once-in-a-lifetime opportunity". The victor of England vs Croatia will face France in Sunday's final.

Novichok nerve agent patient regains consciousness
Jul 11, 2018 - 18:32
It is understood police are being guided by doctors over when and for how long they can interview Mr Rowley. Britain has blamed Russian Federation for the poisonings, but Moscow has strongly denied any involvement.

isis-killer-beheading-video-story-top WH Suspends $10.4B in Obamacare Insurer Payments
Jul 11, 2018 - 18:29
The CMS has asked Judge Browning to reconsider his ruling and is awaiting a decision. The risk-adjustment program doesn't involve taxpayer money.

isis-killer-beheading-video-story-top Meghan wears green as the Duke and Duchess arrive in Dublin
Jul 11, 2018 - 18:18
Highlights of the short two-day trip include a Gaelic sports festival at Croke Park, the home of the Gaelic Athletic Association. Harry and Meghan then arrived at Trinity College in Dublin to learn about Ireland's culture and heritage.

isis-killer-beheading-video-story-top Facebook faces over $650G fine in Britain over data misuse scandal
Jul 11, 2018 - 17:26
The firm had links to Donald Trump's presidential campaign in 2016 and had been under investigation by ICO since May 2017. Facebook will have an opportunity to respond to the findings, after which the office will render a final judgment.

isis-killer-beheading-video-story-top Bilawal suspends Peshawar jalsa in solidarity with Bilour family
Jul 11, 2018 - 16:37
The head of Peshawar city police also informed media representatives that some 8 kilograms of explosives were used in the attack. His body was later shifted to Bilour House where ANP workers gathered in great numbers to pay respect to their deceased leader.

isis-killer-beheading-video-story-top Sadiq Khan defends Trump baby blimp protest near Parliament
Jul 11, 2018 - 15:59
Khan has criticized Trump repeatedly over the president's political views, saying earlier this year that Trump is "not welcome" in London.

isis-killer-beheading-video-story-top African Star To Join City After Clubs Agree R1bn Fee
Jul 11, 2018 - 15:56
Premier League champions City have agreed a £60 million ($79m) fee with the Foxes to sign the Algeria worldwide . Guardiola's men have a lot of games to play next season and Mahrez will certainly get his chance to shine.

isis-killer-beheading-video-story-top Teenager who posted dance videos on social media detained in Iran
Jul 11, 2018 - 15:54
Though the original account was shut down, her videos were posted online by other accounts with several thousand followers each. Since 2017, FATA has arrested many women charged with publishing un-Islamic photos and videos on social media.