U.S. unveils $200 billion list of China imports for tariffs

New round of tariffs targets $200 billion of Chinese goods

President Donald Trump is threatening to impose the tariffs in retaliation for duties that China slapped on $34 billion of USA goods on Friday.

He published a 200-page report(PDF) listing more than 6,000 items, including food products, minerals and consumer goods such as handbags, that the United States plans to hit with the extra tax.

The statement issued by Lighthizer was that of an imperial overlord whose word is law, to be obeyed without question, with any opposition to be met by escalating reprisals.

The tariffs on $200 billion in Chinese goods are scheduled to take effect after August 30, when the administration's consultation process ends.

In Beijing, Li Chenggang, assistant minister at China's Commerce Ministry, said at a forum in Beijing that the latest U.S. proposals interfered with the globalisation of the world economy and that China's support for a multilateral trade system would not change.

Head of U.S. 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".

"We have been very clear and detailed regarding the specific changes China should undertake". "Unfortunately, China has not changed its behavior - behavior that puts the future of the USA economy at risk". China retaliated with duties on the same value of USA goods, including soybeans and cars.

"China is shocked by the U.S. move and the Chinese government, as always, will have to react to defend the core interests of our nation and people", the Commerce Ministry says.

"I am curious to see what China does to retaliate in the coming days".

The U.S. trade deficit in goods with China ballooned to a record $375.2 billion previous year, stoking his anger over trade policies.

The abrupt escalation is "totally unacceptable", said a Commerce Ministry statement.

But such steps are not going to make any impact as the Trump administration and its "America First" advocates regard the WTO and the so-called rules-based worldwide trade order as detrimental to the interests of the US.

Instead, its heavily regulated economy gave Beijing tools to disrupt operations for American vehicle makers, restaurant chains and other companies that are looking to China to drive revenue growth. The U.S. last month agreed to lift the measures after ZTE pays a record fine and consents to management changes.

The earliest they would come into effect is September.

"When exposing and criticizing American words and actions, be careful not to link it to Trump and instead to aim it at the USA government", a memo based on verbal instructions from government officials reads. "At the same time, China will report the US' unilateral behaviour to the World Trade Organization", reports China News.

City traders will be trudging wearily to their desks this morning after last night's gripping World Cup drama, and worrying about the impact of a US-China trade war.

Ivanka's company develops its goods exclusively in foreign countries (not exactly along the lines of her father's hard-hitting slogan to "buy American and hire American").

Senate Finance Committee Chairman Orrin Hatch (R-Utah) said that although he'd supported the previous tariffs, the latest round seemed "reckless".

Although it was not a direct reaction to the new move from Trump's administration, the official English-language newspaper China Daily said in an editorial that Beijing had to stand up to Washington.

This is also the view of wide sections of the Democratic Party, which want increased action against China but warn that Trump's actions are alienating U.S. allies.

As well, the American Chemistry Council urged President Donald Trump to "bring an end to this unnecessary trade war". It followed a 10.1% rise in April.

That's not to say that China is eager for a trade war or can afford to be indifferent to its consequences, says David Dollar, who was the U.S. Treasury Department's financial emissary to China during the Obama administration.

According to Reuters, there has still been some critical coverage of the U.S.as the two nations exchange massive tariffs, but the criticism has largely not been directed at Trump the individual. The White House has recently increased tariffs on imports from a number of countries.

China hasn't yet clarified how it will respond to the latest salvo. In this round, China accounted for more than half of the imports. That would leave China only $80 billion for further retaliation.

Posen and others acknowledge that some of Trump's points are valid: many governments have long complained about China's lax protections for technology and even outright theft of intellectual property. "It will also result in retaliatory tariffs, further hurting American workers", a Chamber spokeswoman said.

At that point, America would be taxing just under half of the goods we import from China; we'd still have room to keep launching new fusillades. China received more USA crude oil in 2017 than the third- and fourth-largest importers combined, the United Kingdom and the Netherlands.

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