The US wants China to stop practices that allegedly encourage transfer of intellectual property - design and product ideas - to Chinese companies, such as requirements that foreign firms share ownership with local partners to access the Chinese market. China responded to that action by imposing tariffs on $34 billion of USA products, and the country has vowed to take countermeasures against the current action as well.
U.S. Trade Representative Robert Lighthizer late on Tuesday accused China of retaliating to its tariffs "without any global legal basis or justification".
More than 6,000 items could be affected - including burglar alarms, vehicle tyres, handbags, baseball gloves, carpets, toilet paper, dog food, and hundreds of food products.
While China does not export enough goods to the USA to match the value of the announced tariffs, combining U.S. corporate revenue inside China with exports would give America a trade surplus of US$20 billion, according to research from Deutsche Bank cited by Bloomberg.
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The US is now considering levying duties on a further $16 billion (Rs 11,036 crore) in Chinese goods, after a public hearing this month, Bloomberg reported.
Although the trade war is escalating, it has not yet become a threat to economic growth and is not expected to have an impact on inflation. Eastern time. The Dow Jones Industrial Average dropped 144 points, or 0.6 percent, to 24,775. After an initial 0.8 percent rally, the loonie swooned more than 1.2 percent when policymakers said US tariffs would have a bigger effect on the economy than originally anticipated.
Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose United States farmers and manufacturers to retaliation overseas.
The list is subject to a two-month public comment period before taking effect.
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Some U.S. business groups and lawmakers from Trump's own Republican Party were critical of the escalating tariffs.
"Tonight's announcement appears reckless and is not a targeted approach", said Senate Finance Chairman Orrin Hatch in a statement. China has vowed to retaliate dollar-for-dollar to any further USA tariffs. "If inflation goes up by 1 percent and income and wages don't, that would be a bigger hit to consumer welfare than these tariffs". 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.
China says it will respond to the new tariffs that President Trump has asked his administration to prepare.
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. 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.
The latest escalation in the trade dispute sent markets lower. "First of all, I'm a free trader". "At the same time, we call on the global community to work together to safeguard the rules of free trade and the multilateral trading system and jointly oppose trade hegemony", it added.
This story has not been edited by Firstpost staff and is generated by auto-feed.
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