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

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

Seems like President Trump is looking out for his little girl.

Canadian soybean farmers are feeling the pain from already imposed Chinese tariffs on American goods.

Global investors have mostly looked past the intensifying trade fight between the US and China, even as the countries move to deploy tariffs on hundreds of billions of dollars in goods.

The move has been swiftly and heavily criticised by China, which said it was "totally unacceptable" for America to keep escalating the trade dispute.

The move is a significant escalation of the trade war between Washington and Beijing, further raising the dangers of a major economic shock. "It will also result in retaliatory tariffs, further hurting American workers", a Chamber spokeswoman said.

Envoys from the two sides last met June 3 when Commerce Secretary Wilbur Ross visited Beijing for talks with Vice Premier Liu He.

"If we see an increase in shipments from the latter in the coming months, we will be able to say there has been a shift in the supply chain, rather than simply a change in reporting techniques", he said.

But whether any of this has any effect on the President is an open question: Mr. Trump's own Republican Party widely disagrees with his protectionist attitude on trade, but has failed to change his mind.

It is the latest shot in a spiralling dispute between the world's two largest economies.

China has, in recent years, become a key export market for growing US energy exports.

National Retail Federation senior Vice President for Government Relations David French said the move "doubles down on a reckless strategy that will boomerang back to harm USA families and workers".

The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years. It includes fruit and vegetables, handbags, refrigerators, rain jackets and baseball gloves.

While China's theft and coercion of intellectual property from foreign companies is a widely acknowledged problem, trade experts are largely skeptical of Mr. Trump's strategy to deal with it through punitive tariffs. The official added that China has warned the USA that future actions would be met with "economic attacks" on American markets.

In an April Twitter post, Trump said this allowed China to "get tremendous perks and advantages, especially over the US".

Chinese-made teddy bears carrying American hit movie Avengers characters are displayed inside an arcade game at a shopping mall in Beijing, Wednesday, July 11, 2018.

His attempt at reassurance came a day after he escalated his trade war with China, identifying an added $200 billion in Chinese products that he intends to hit with import tariffs.

But the USA action drew a swift reaction from the plastics and petrochemical industries, with the head of the Plastics Industry Association saying the tariffs would "boomerang" and hurt manufacturing. Since abolishing presidential term limits, Xi has strengthened his control over the levers of power and money in China and can't afford to look weak.

"Trade experts we have consulted point to the potential for anti-U.S. social media campaigns, delays or blockage of regulatory approvals, travel bans, investment restrictions, among other options", Raymond James analyst Ed Mills said in a report.

"China seems to have no interest in bending and they will retaliate".

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