Donald Trump hits China with $200 billion in new tariffs

Shipping containers are seen at a port in Shanghai

President Trump had warned China that if the country retaliated to those tariffs, he would impose additional ones; China did, quickly adding tariffs to more than 500 different American imports.

The tariffs will not be imposed until after a two-month period of public comment on the proposed list, but some USA business groups and senior lawmakers were quick to criticize the move.

"For over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition", US Trade Representative Robert Lighthizer said in an e-mailed statement.

However, in a statement this morning the Chinese ministry of commerce hit back, saying: "China is shocked by USA behaviour. The US upped the stakes in the trade war with China, sending equity markets tumbling, as risk off prevails", Jasper Lawler, head of research at London Capital Group wrote in an email.

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".

China Daily said in an editorial that Beijing had to stand up to Washington. Chinese officials are expected to retaliate in other ways, hitting us firms in China with unplanned inspections, delays in approving financial transactions and other administrative headaches.

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

China's compliance with WTO guidelines lies at the heart of the conflict, notably over Beijing's alleged state support for purportedly private companies.

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LONDON - Global markets are getting hammered on Wednesday as the trade war between the Trump administration and China intensifies, while fears also rise that Trump could pull the United States of America out of North Atlantic Treaty Organisation.

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.

Head of United States equity strategy at JP Morgan, Dubravko Lakos-Bujas, said: "Despite trade headlines, S&P 500 companies should deliver robust earnings on above-trend revenue growth and sharply higher margins". These tactics include the outright theft of trade secrets, government subsidies to homegrown tech firms and demands that US and other foreign companies hand over technology if they want access to China's vast market.

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

Regulators can deny or cancel licenses or tie up companies by launching tax, environmental or anti-monopoly investigations. There is no victor in a trade war.

The Chinese commerce ministry said that it was "shocked at the U.S. action" and warned that it would be forced to retaliate "to protect the core interests of the nation and its people".

The officials said they tried to target goods that would reduce the harm to USA consumers.

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