New tariffs readied for Chinese goods

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The Trump administration said the new levies are a response to China's decision to retaliate against the first round of us tariffs.

That prompted fears it might go beyond matching Washington's duty increases by disrupting operations for U.S. companies in China.

"Tariffs on $US200 billion in Chinese products amounts to another multibillion-dollar tax on American businesses and families", said Scott Lincicome, a trade lawyer and senior policy analyst for the group Republicans Fighting Tariffs.

He said: "Chinese equities were amongst the worst performers today, with the Shanghai Composite dropping 1.8% after the US Trade Representative set out the $200bn of Chinese imports on which it intends to impose a 10% tariff".

The latest moves in the ballooning trade conflict between the world's top two economies came just days after tit-for-tat duties on US$34 billion in goods came into effect.

The Foreign Affairs Ministry called the move "typical trade bullying", and urged the global community to work together to "resolutely resist unilateralism, oppose protectionism and maintain the multilateral trading system".

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The Commerce Ministry also called upon the worldwide community to "work together to safeguard the rules of free trade and the multilateral trading system and jointly oppose trade hegemonism". Beijing has vowed to retaliate accordingly.

- China - After weeks of apparently fruitless negotiations, the United States on Friday imposed 25 percent tariffs on approximately $34 billion of Chinese products, sparking an immediate response from Beijing, which said it would hit back dollar for dollar. While this initial move focused more on Chinese industrial products, the follow-up promises to instead affect ordinary consumers. The proposed list of goods includes consumer items such as clothing, television components and refrigerators as well as other high-tech items, but it omitted some high-profile products like mobile phones. It left untouched US-branded smartphones and laptop computers.

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

China imports far less from the U.S. than the USA imports from China.

On the other hand, if the Chinese bought up more Treasuries, they could make the USA dollar even more expensive, and widen the trade deficit further.

President Trump published a list of Chinese goods he will give a tariff of 10 percent on, which are worth a total of £151 billion. During a visit to Germany this week by Chinese Premier Li Keqiang, the countries signed business deals worth more than US$23 billion.

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For companies such as Starbucks and Apple, which rely on the Chinese market, the consequences could be devastating. Regulators can deny or cancel licenses or launch lengthy tax, environmental or anti-monopoly investigations. USA chipmaker Qualcomm proposed a $44 billion acquisition of NXP Semiconductors, and for months has waited for approval from Chinese regulators.

South Korea's exports to China jumped 30 per cent in June, driven by chips and other intermediary goods, the trade ministry said earlier this month.

Members of Congress are increasingly questioning Trump's tactics.

- Canada and Mexico - Canada and Mexico, members of the North American Free Trade Agreement (NAFTA) with the USA, have not been spared the Washington offensive on steel and aluminum and have imposed their own counter-tariffs on United States goods.

It also said that China would have to respond to the United States actions.

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