Trump Administration Readies Tariffs On $200 Billion Of Chinese Imports

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 Aussie, considered a liquid proxy for China-related trades, fell 0.5 percent against the dollar to $0.7422. 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.

Some Chinese suppliers said they planned to start negotiating soon with their American buyers over how to handle the proposed tariff and who would absorb the costs of the levy.

The initial U.S. tariff list focused on Chinese industrial products in an attempt to limit the impact on American consumers.

"Rather than address our legitimate concerns, China has begun to retaliate against USA products ..."

"This type of irrational behavior is unpopular", the statement said, adding China would tack on the case to its suit against the United States at the WTO.

China bought $130 billion of USA goods previous year.

The Trump administration has published a preliminary list of additional Chinese products that could be targeted with tariffs in the escalating trade war between the world's two biggest economies.

The US has announced its plans to impose taxes on a further $200 billion worth of Chinese imports, in retaliation for China's retaliation to America's first round of tariffs.

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US Senate Finance Committe chairman Orrin Hatch labelled the move as "reckless", while the US retail industry leaders assocation immediately condemned the move, saying the "the President has broken his promise".

Beijing imposed its tariffs on Friday in retaliation for USA tariffs on Chinese goods.

"With the announcement from the U.S on the Chinese tariffs, the reaction on the policy side from China will be the key event to watch in the coming days", said Shinichiro Kadota, senior FX strategist for Barclays in Tokyo.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 11, 2018.

In financial markets, MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5 per cent, while the main indexes in Hong Kong and Shanghai fell more than 2 per cent.

Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose U.S. farmers and manufacturers to retaliation overseas.

China' s Ministry of Commerce said that the tariffs are "totally unacceptable" and it is hurting the entire world, as well as China. The prospect of an global trade war has sent jitters through world markets.

As its dispute with Washington deepened, Beijing has been calling on other countries to support global free trade and has talked up efforts to ease investment rules.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said in June.

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