USA to list tariffs on another US$200 billion of Chinese products

In Hong Kong and China where many suppliers to US retailing giants are based shares of companies in affected sectors fell. — Reuters pic

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

President Donald Trump's administration has released a vast list of $US200 billion worth of Chinese exports that will be subject to 10% tariffs.

It also noted that the profits from reciprocal tariffs will mainly be used to minimize the damage to Chinese enterprises and their employees.

The U.S. said it had no choice but to move forward on the new tariffs after China failed to respond to the administration's concerns over unfair trade practices and Beijing's abuse of American intellectual property, according to two senior officials who spoke to reporters.

Last week, Washington imposed 25 percent tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of US exports to China.


"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 announcing the proposed tariffs. He added the USA is ready to target an additional $200 billion, and then $300 billion more should Beijing retaliate.

The move would be the latest in the escalating trade skirmish between the world's two biggest economies. "Rather than address our legitimate concerns, China has begun to retaliate against US products".

The list of goods targeted by the tariffs has not been made public or approved yet, but the official cited by CNBC said that parts of it target the country's "Made in China 2025" initiative to boost key industries such as technology. "This new round of proposed tariffs takes the fight onto yet another level from which it is going to be hard for either side to make a graceful retreat", said Eswar Prasad, former head of the International Monteary Fund's China division. Imposing taxes on another $200 billion worth of products will raise the costs of every day goods for American families, farmers, ranchers, workers, and job creators. The prospective US tariffs would be retaliation against the retaliation.

"American families are the ones being punished".

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