US May List Tariffs On $200 Billion More Chinese Products

Weimar Republic hyperinflation

China's exports have mushroomed since it joined the World Trade Organisation in 2001, making it the world's second-largest economy and prompting widening criticism in recent years from trading partners that it has unfairly used global trade rules to its advantage.

More than 6,000 items could be affected - including burglar alarms, auto tyres, handbags, baseball gloves, carpets, toilet paper, dog food, and hundreds of food products.

US tariffs on an additional $200 billion worth of Chinese goods sent Asian stocks tumbling on Wednesday, with China's markets leading the declines, as trade tensions between the world's two biggest economies continued to deteriorate.

This latest move in the ballooning trade conflict between the world's two leading economies came just days after tit-for-tat duties on goods worth $34 billion took effect with the shock waves rippling across Asian markets.

The new sanctions follow 25 percent tariffs worth $34 billion (£25.6 million) which were imposed last week.

Scott Lincicome, a trade lawyer for the group Republicans Fighting Tariffs, said tariffs on $200 billion would amount to a "multibillion-dollar tax on American businesses and families" and prompt China to retaliate against American exporters.

Trump has campaigned on the claim that trade partners are taking advantage of Americans due to "terrible deals" made by previous USA presidents.

China implemented the tariffs in retaliation for a previous package of US tariffs implemented by the Trump administration to combat what it said was intellectual property theft and other unfair trade practices.

However, Stockman said the big problem of trade imbalance is not a result of bad trade deals.

The US has announced its plans to impose taxes on a further $200 billion worth of Chinese imports, in retaliation for China's retaliation to America's first round of tariffs.

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China's imports of US goods are so small that Beijing "cannot match fresh USA tariffs", said Vishnu Varathan of Mizuho Bank in a report.

"The Chinese side is shocked by the actions of the United States", a statement on the ministry's website declared. He directed Lighthizer to identify $200 billion in Chinese goods for tariffs if China retaliated against U.S. penalties that are meant to punish the country for intellectual property theft.

On Tuesday, the Trump administration announced that it would assess an additional 10 percent tariff on up to $200 billion of Chinese goods.

As its dispute with Washington deepened, Beijing has been calling on other countries to support global free trade and has talked up efforts to ease investment rules. Hours later, China's Commerce Ministry said the USA tariffs were "totally unacceptable" and would force the country retaliate, without saying how.

The Retail Industry Leaders Association, a lobbying group, said U.S. businesses and consumers will lose from the administration's trade battle.

"China has no option but to fight fire with fire".

The Retail Industry Leaders Association (RILA) was quick to condemn the proposal, saying it will punish American consumers.

"This is an appropriate response under the authority of Section 301 to obtain the elimination of China's harmful industrial policies", Lighthizer added.

The European Union Chamber of Commerce in China said this week its member companies are rearranging the global flow of their goods to make sure any bound for the United States don't pass through China.

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