Donald Trump hits China with $200 billion in new tariffs

Soybean prices have fallen dramatically in recent weeks.
Daniel Acker  Bloomberg

The trade dispute escalated on Tuesday after Washington said it would slap 10 per cent tariffs on an extra US$200 billion worth of Chinese imports.

Investor confidence started to return early this week amid a momentary lull in the trade war, following Beijing's retaliation tariffs on USA imports last week after Trump hit China with a 25 per cent tariff worth $34bn on imports.

There is a two-month period of public comment on the latest proposed list before the tariffs get imposed.

"The behavior of the United States is hurting China, hurting the world, and hurting itself", it said.

"Tonight's announcement appears reckless and is not a targeted approach", said Senate Finance Chair Orrin Hatch in a statement.

Among other things, the U.S.is asking China to roll back its "Made-in-China 2025" program, a signature Xi initiative to dominate several strategic industries, such as semiconductors to aerospace development.

A senior administration official told Fox News that China has been "non-responsive" to US actions and has insisted that Beijing does not see any way America has been hurt by Chinese policies.

Ivanka's products remain untouched by these tariffs and the fashion line is continuing to work with and create order contracts for Chinese shoe suppliers, such as Chengdu Kameido Shoes and Hangzhou HS Fashion. The U-S president has long criticized China for what he calls unfair trade practices.

Overnight, Donald Trump began the process of slapping 10% tariffs on a further $200bn of imports from China, on top of the $34bn (soon to be $50bn) imposed last week.

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"There is still a good six or seven weeks before these (tariffs) take effect so it is not like we are going to see these tomorrow, but it is definitely the next step in a trade war", TD Securities global strategist James Rossiter said.

"The behavior of the U.S. is hurting China, hurting the world, and hurting itself", the ministry said in a statement, adding that it was "shocked" by USA actions.

"Concerns over trade and trade wars are really having an adverse effect, less so on the US markets than the global markets, but it is certainly taking a bite".

Because China imports fewer goods from the USA than the US imports from China, it is unable to match US tariffs in value, according to a report from Mizuho Bank.

Sources at other state-run news agencies told Reuters that they were instructed not to report on whether the trade war is negatively affecting Chinese businesses.

The U.S. Trade Representative announced the possible second round of tariff hikes on Tuesday targeting a $200 billion list of Chinese goods ranging from burglar alarms to mackerel.

"Sometimes our friends, when it comes to trade, are treating us worse than the enemies", Trump said at a press conference on June 29.

China' s Ministry of Commerce said that the tariffs are "totally unacceptable" and it is hurting the entire world, as well as China.

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