Markets around the world are getting pummelled as Trump's trade war intensifies

Erika Holt
July 12, 2018

The threat of additional tariffs on $200 billion worth of goods "would mean that around half of Chinese exports of goods to the USA would face significant US punitive tariff measures", Rajiv Biswas, Asia Pacific Chief Economist at IHS Markit, said in a note.

The Chinese commerce ministry has slammed the USA plan to impose tariffs on additional imports worth some $200 billion as totally unacceptable, promising a mirror response to defend its national interests.

The trade war between the world's top two economies landed at the World Trade Organization on Wednesday, as the United States demanded a "reckoning" over China's membership in the body.

The previous round of tariffs: The Trump administration last week imposed 25 percent tariffs on $34 million in Chinese goods, prompting Beijing to impose retaliatory tariffs of the same amount on United States imports.

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"We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy", Hatch said in a statement.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said.

Investors were wary of China response to the latest USA tariff threat, as the country's assistant commerce minister said the proposed US duties harm the World Trade Organization system and globalisation.

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China 'cannot match fresh US tariffs, ' Vishnu Varathan of Mizuho Bank said. The official added that China has warned the US that future actions would be met with "economic attacks" on American markets. USA officials insist China's retaliatory tariffs are unjustified.

The European Union Chamber of Commerce in China said this week its member companies are rearranging their trade shipments to ensure any bound for the United States don't pass through China.

If the United States were to impose tariffs on oil, US oil sellers would have to look for other destinations and attract new customers, which could cost them more.

"Rather than address our legitimate concerns, China has begun to retaliate against USA products".

The more it turns up the heat therefore, the more likely the tariffs get implemented as just like the 25 per cent levies on $34 billion of Chinese and U.S. imports triggered on Friday.

The list of proposed goods to be hit with new tariffs includes dozens of types of fish, eels, crab, lobster and other seafood. And China's retaliation was targeted at soy farmers and others in the U.S. Republican heartland.

The President's tariffs are already squeezing some US firms, which have started to raise prices or lay off workers as a result.

The Trump administration is threatening to impose fresh tariffs on another $200bn (£150bn) of Chinese goods - with Beijing branding the plans as "totally unacceptable".

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