Trump administration threatens tariffs on another $200 billion in Chinese imports

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The US has announced its plans to impose taxes on a further $200 billion worth of Chinese imports, in retaliation for China's retaliation to America's first round of tariffs.

The USTR will accept public comments on the latest round of tariffs and hold hearings on August 20-23 before reaching a decision after August 31, according to a senior US official. It includes fruit and vegetables, handbags, refrigerators, rain jackets and baseball gloves.

The Commerce Ministry on Wednesday gave no details, but Beijing responded to last week's USA tariff hike on $34 billion of imports from China by increasing its own duties on the same amount of American goods. Beijing immediately responded with its own tariffs on USA goods worth $34 billion.

John Connelly, president of the National Fisheries Institute, the U.S. seafood industry's most influential trade group, is calling on United States president Donald Trump and China to pick up a children's book and end their trade dispute.

So far, China has been measured in its response to the new USA trade policy. "Rather than altering those practices, it is now threatening United States companies, workers and farmers who have done nothing wrong". Chinese tariffs have already impacted US exports such as soybeans.

Congressional Republicans were quick to register their disapproval with the Trump administration's newly proposed tariffs.

China hasn't yet clarified how it will respond to the latest salvo. "We have been very clear and detailed regarding the specific changes China should undertake", Lighthizer added. Both governments have already levied $34 billion in tariffs on each other's goods, and are considering imposing tariffs on an additional $16 billion worth of one another's goods. In the long run, he said, it could be a good thing for the US if they are able to come to an agreement.

The US said that was in response to Beijing's failure to change its policies and to retaliate for last week's US tariff hike by increasing its own duties on American goods. "There is no justification for such action", he said in a statement.

He said the administration should get back to the negotiating table with China.

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However, a move by China against USA multi-nationals "could pose a far greater threat to the index in time", Jones said.

Americans could soon find themselves paying more for goods they might not have known were imported from China.

Today's Wall Street Journal offers a detailed article on how China may respond to the new tariffs.

"That $200 billion worth of goods subject to tariffs represents less than 1 percent of [gross domestic product], and the 10 percent tariff on those goods less than a tenth of percent", Atkinson says.

President Donald Trump has threatened to tax as much as $550 billion in Chinese products - an amount that exceeds America's total imports from China past year. - Donald J. Trump (@realDonaldTrump) July 11, 2018 " Other countries' trade barriers and tariffs have been destroying [farmers'] businesses.

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

"Tariffs on such a broad scope of products make it inconceivable that American consumers will dodge this tax increase as prices of everyday products will be forced to rise", he said.

More: These 15 counties are most exposed to China's tariffs.

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