US May List Tariffs On $200 Billion More Chinese Products

  • US May List Tariffs On $200 Billion More Chinese Products

US May List Tariffs On $200 Billion More Chinese Products

President Donald Trump has said he may ultimately impose tariffs on more than $500 billion worth of Chinese goods - roughly the total amount of US imports from China previous year.

The publication of the list starts a weeks-long process that includes a public-comment period and hearings.

The additional USA tariffs, which will go through a two-month approval process including a public hearing, come after China retaliated in a tit-for-tat trade skirmish last week. Since then, the president has said his administration could impose duties on virtually all Chinese imports into the U.S. Another source who is familiar with the situation confirmed the Bloomberg report to Reuters.

On Friday, Beijing retaliated with mirror measures against United States imports hours after Washington introduced 25 percent trade tariffs on $34 billion worth of Chinese goods.

Last Friday, the US imposed 25 per cent tariffs on $34 billion in Chinese products, and Beijing responded by hitting the same amount of USA imports.

The tariffs could take effect after public consultations end on August 30, according to a statement from the U.S. Trade Representative's office Tuesday. The prospective USA tariffs would be retaliation against the retaliation. He is also renegotiating NAFTA, demanding that Canada and Mexico lower trade barriers for the USA while allowing Washington to impose new barriers to Canadian and Mexican companies doing business in the U.S. "There is no justification for such action", he said in a statement.

According to the Ministry of Commerce, China considered the substitution of imports and the overall impact on trade and investment while making up a list of United States goods hit by import duties.

Some US business groups and senior politicians sharply criticized the latest action, with Senate Finance Committee Chairman Orrin Hatch, a Republican, saying it "appears reckless and is not a targeted approach".

The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years.

"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", U.S. Trade Representative Robert Lighthizer said in announcing the proposed tariffs.

Updates with market reaction in third paragraph.