Trump preparing additional tariffs on $200B in Chinese goods

There are fears a trade war could hammer the global economyMore

China hit back with its own levies - targeting U.S. products such as mixed nuts and whiskey. US indexes are set to open lower after a stretch of gains.

"The behavior of the U.S. is hurting China, hurting the world, and hurting itself", it said.

The Commerce Ministry also called upon the global community to "work together to safeguard the rules of free trade and the multilateral trading system and jointly oppose trade hegemonism".

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

Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose USA farmers and manufacturers to retaliation overseas. Beijing immediately retaliated with similar duties on US exports.

Trump has been considering tariffs against China since his officials concluded in March that Beijing violates USA intellectual-property rights, such as by forcing American firms to hand over technology.

Thousands of Chinese imports are under threat in the newly suggested tariffs, including hundreds of food products as well as vehicle tires, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products.

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

"Although I have supported the administration's targeted efforts to combat China's technology transfer regime, tonight's announcement appears reckless and is not a targeted approach", Hatch said in a statement.

Proposed tariffs on another US$200 billion of Chinese imports have been rolled out with Beijing vowing to retaliate. Both governments have raised tariffs on $34 billion worth of each other's goods and already said they are considering additional charges on another $16 billion. "What's next is not so much a trade war or even a cold war as the dawn of an ice age in relations between China and the United States".

On Wednesday, China's main stock index lost 1.8 percent and Japan's market benchmark fell 1.1 percent.

The offshore Chinese yuan fell as low as 6.6918 per dollar, down more than 0.5 per cent from late United States levels and edging near its 11-month low of 6.7344 touched on July 3. China imported US goods worth $130 billion a year ago and Friday's tariff hike hit $34 billion of that, with another $16 billion cited for a possible increase.

The tariffs could take effect after public consultations end on August 30, according to a statement from the US Trade Representative's office on Tuesday.

Some U.S. business groups and lawmakers from Trump's own Republican Party were critical of the escalating tariffs.

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