U.S. proposes tariffs on $200 billion more in Chinese imports

The proposed new US tariffs follow the decision to impose duties in two stages on $50 billion in Chinese goods.

That intensification of the trade skirmish, which is now being upgraded to a full-scale trade war by some commentators, has investors spooked about the future of the global world order, and the global economy, pushing stock markets around the world deep into the red.

He said: "Chinese equities were amongst the worst performers today, with the Shanghai Composite dropping 1.8% after the US Trade Representative set out the $200bn of Chinese imports on which it intends to impose a 10% tariff".

MORE U.S. -CHINA TARIFFS: The U.S. Trade Representative said Washington is preparing to impose 10 percent tariffs on another $200 billion in Chinese imports, including 6,031 product lines ranging from burglar alarms to electric lamps and fish sticks.

The U.S. tariffs will not go into effect immediately, and will undergo a two-month review process with hearings in late August.

China slammed the us threat to expand tariff hikes to imports including apples, fish sticks and French doors as a "totally unacceptable" escalation of their trade battle on Wednesday and vowed to protect its "core interests".

The abrupt escalation is "totally unacceptable", said a Commerce Ministry statement.

"The trade war should push China and the European Union to cherish mutual cooperation, because this increasingly scarce cooperation is becoming more valuable", China's nationalist tabloid, the Global Times, said in an editorial on Wednesday.

"Judging from (China's) economic fundamentals and corporate earnings expectations, which are under pressure amid the trade war with the United States, the stock market is yet to reach a bottom", said Yan Kaiwen, an analyst with China Fortune Securities. But Trump hasn't backed down, arguing that China's unfair trading practices are hurting American workers.

As well, the American Chemistry Council urged President Donald Trump to "bring an end to this unnecessary trade war".

"When exposing and criticizing American words and actions, be careful not to link it to Trump and instead to aim it at the US government", a memo based on verbal instructions from government officials reads.

The U.S. said it had no choice but to move forward on the new tariffs after China failed to respond to the administration's concerns over unfair trade practices and Beijing's abuse of American intellectual property, according to two senior officials who spoke to reporters.

FILE - Imported nuts from the United States are displayed at a supermarket in Beijing, March 23, 2018.

However, Lighthizer still left some room for potential negotiations with China before the new round of tariffs.

Beijing gave no details of the possible retaliation but earlier it threatened "comprehensive measures".

They also said they remain open to working with China to try to resolve the dispute, but the response from Beijing so far has been unsatisfactory.

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. "In the absence of such discussions, the US and China seem set for a more full-blown trade war, with major economic implications for themselves and the global economy".

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