Trump Administration Readies Tariffs On $200 Billion Of Chinese Imports

Less than a week into the trade war with China, President Trump is already thinking about levying more tariffs against goods imported from that nation to the U.S.

United States officials will hold hearings in late August on the list of targeted products and an administration official said it would take about two months to finalise, at which point Trump would decide whether to go ahead with the levies.

In a statement us trade representative Robert Lighthizer said these new additional tariffs are a result of "China's retaliation and failure to change its practices" after the first round of tariffs.

China's commerce ministry said it was "shocked" and would complain to the World Trade Organisation, but did not immediately say how it would retaliate. There have been no confirmed high-level talks between to two sides since early an early June visit to Beijing by U.S. Commerce Secretary Wilbur Ross that achieved no breakthroughs.

Senate Finance Committee chair Orrin Hatch (R-Utah) also took aim at the announced list, saying it "appears reckless and is not a targeted approach".

Chinese tactics, the administration said, include outright cybertheft and forcing USA companies to hand over technology in exchange for access to the Chinese market. Chinese officials are expected to retaliate in other ways, hitting USA firms in China with unplanned inspections, delays in approving financial transactions and other administrative headaches.

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 new list published on Tuesday targets many more consumer goods than those covered under the tariffs imposed last week, raising the direct threat to consumers and retail firms.

China's WTO "trade policy review" - scheduled before Washington lit the fuse on a tariff battle with Beijing - served as a new front in the widening economic confrontation between the two powers.

China has seven weeks to make a deal or dig in and try to outlast the USA leader.

Investors fear an escalating Sino-American trade war could hit global growth and damage sentiment.

"This is an appropriate response", Robert Lighthizer, the U.S. trade representative, insisted last night.

The officials said they tried to target goods that would reduce the harm to USA consumers.

The trade war anxiety extended to China's yuan. "It will also result in retaliatory tariffs, further hurting American workers", a Chamber spokeswoman said. "China has not changed its behaviour - behaviour that puts the future of the USA economy at risk".

"It is now much more likely that the dispute will continue for a prolonged period of time and that we will see ratcheting up of protectionist measures", said Elena Duggar, an associate managing director at Moody's, the credit rating agency.

(Copyright © 2015. All Rights Reserved.)
 
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