Yuan, Aussie hit as USA threatens more tariffs on China

There are fears a trade war could hammer the global economyMore

On Friday, the US slapped 25 percent taxes on $34 billion in Chinese imports, a lot of them are industrial goods that the Trump administration says receive subsidies or other unfair support from Beijing.

China said tit-for-tat tariffs will "destroy" trade between the world's top two economies, after Washington fired the next shot in a ballooning trade war, readying fresh levies on $200 billion in Chinese goods. The move has faced criticism from American officials and lawmakers. It's unclear what that action could include.

A possible second round of tariff hikes announced Tuesday by the U.S. Trade Representative targets a $200 billion list of Chinese goods. Trump's threat came on Tuesday and stated a 10% tariffs on $200 billion worth of Chinese imports.

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. Only about 1% of the items on the list were consumer goods.

Just after midnight on July 6, the United States began collecting 25 percent tariffs on $34 billion in imports from China. The US has suggested that it may ultimately impose tariffs on $500 billion worth of Chinese goods, or roughly the entire amount of US imports from China.

Washington made a decision to impose the extra tariffs after efforts to negotiate a solution to the trade dispute failed to reach an agreement, senior administration officials said on Tuesday.

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 can increase soybean imports from other countries to reduce its reliance on the United States, the boss of a state-owned grain trader said on Wednesday.

The ministry said it "solemnly protests" the latest tariff list published by Washington, calling it "totally unacceptable".

"At the same time, the trade dispute can easily be blamed for a variety of ills". "China has a million and one ways to retaliate".

Senate Finance Committee chair Orrin Hatch (R-Utah) also took aim at the announced list, saying it "appears reckless and is not a targeted approach".

USA officials will hold hearings in late August on the list of targeted products and an administration official said it would take about two months to finalise, at which point Trump would decide whether to go ahead with the levies.

"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", he said in a statement.

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