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To list tariffs on another $200 billion of Chinese products

14 July 2018

"As a result of China's retaliation and failure to change its practices, the president has ordered USTR to begin the process of imposing tariffs of 10 percent on an additional $200 billion of Chinese imports", USTR Robert Lighthizer said in a statement. It includes fruit and vegetables, handbags, refrigerators, rain jackets and baseball gloves.

"China has since retaliated against the United States by imposing tariffs on Dollars 34 billion in USA exports to China, and threatening tariffs on another Dollars 16 billion".

Research from Capital Economics (CE) shows sales from US-owned affiliates total $US350 billion - similar in size to the USA trade deficit.

Oliver Jones from Capital Economics has warned that China's response to Trump's latest tariff threat could hit the U.S. stock market hard.

In his statement, Lighthizer claimed that the United States has specially targeted those Chinese products that "benefit from China's industrial policy and forced technology transfer practices", and China's retaliation - from Washington's perspective - was "without any global legal basis or justification". Ryan singled out China as one of a number of countries that engage in unfair trade practices, but added, "I just don't think tariffs are the right mechanism" to resolve the problem.

"All in all, the trade impact of the first round of the tariff should have a very limited impact on China's exports to the US, with the maximum loss of $5 billion", Alicia Garcia Herrero, Chief Economist at Natixis Asia Research, wrote in a recent note.

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China hasn't yet clarified how it will respond to the latest salvo. So far, the U.S. has raised tariffs, or import taxes, on shy of $40 billion of Chinese goods and it might be quintupling that before the end of September. According to UBS, the new tariffs were structured to allow for fast implementation, and the bank said it's now likely the USA will follow through on its threat. In the long run, he said, it could be a good thing for the USA if they are able to come to an agreement.

"Rather than address our legitimate concerns, China has begun to retaliate against US products", Lighthizer said in a statement announcing the tariffs."There is no justification for such action". "Investors are going to be waiting for a reaction from Beijing once again", said Commerzbank analysts.

Despite bipartisan support, the Trump administration's latest move drew criticism from House Speaker Paul Ryan, who is retiring at the end of his term in January.

"The threat to the USA economy is less about a question of "if" and more about "when" and 'how bad, '" David French, an executive at the National Retail Federation, told The New York Times.

However, while many of China's exports are low-value manufactured goods that could be sourced from Mexico, Vietnam, or elsewhere, the United States often sends less easily-replaceable goods. The list covers some $200 billion in Chinese exports that could be hit by a 10 percent tariff.

President Donald Trump has threatened to tax as much as 550 billion dollars (£414 billion) in Chinese products - an amount that exceeds America's total imports from China previous year.

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Analysts say the Chinese government could target trade in services between the two countries, such as tourism and education, or seek to make life hard for big American companies operating in China. No financial details of the agreement signed Tuesday were announced, but construction is expected to start as soon as official permits come through.

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

The National Retail Federation, an industry group, warned about the impact on prices from the new measures.

Washington threatened to slap a further $200bn (£150.8bn) worth of tariffs on a wide range of Chinese goods such as coal, tobacco and consumer electronics after talks between the two superpowers to ease tensions failed yesterday.

More: These 15 counties are most exposed to China's tariffs. China immediately retaliated with tariffs on its own list of $34 billion worth of American goods. He has not formally directed Lighthizer to prepare that list.

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To list tariffs on another $200 billion of Chinese products