Trump threatens 10% tariff on $200bn of Chinese goods

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China will fight back firmly with "qualitative" and "quantitative" measures if the United States publishes an additional list of tariffs on Chinese goods, the commerce ministry said, accusing the USA of initiating a trade war.

"This latest action by China clearly indicates its determination to keep the United States at a permanent and unfair disadvantage, which is reflected in our massive $376 billion trade imbalance in goods", Trump said about China's retaliatory tariffs.

China will protect its interests will take qualitative, quantitative measures if us publishes additional tariffs list.

It gave no details.

Trump said in a statement he had asked the U.S. trade representative to identify the Chinese products to be subject to the new tariffs.

Trade-sensitive companies like Boeing Co. and Caterpillar Inc., China-exposed stocks like Acacia Communications Inc. and NXP Semiconductors, and steel producers and metals companies like Alcoa Corp. and United States Steel Corp. are among the hardest hit in NY trading, while the Dow Jones Transportation Average is down 1.9 per cent, the most since May 3.

In March Washington and Seoul announced agreement on a renegotiated free trade accord, giving United States carmakers greater access to the South Korean market.

The Shanghai Composite Index dropped more than 3 percent to its lowest since July 2016, while Hong Kong's Hang Seng shed 2.8 percent.

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USA tariffs that affect more than 800 Chinese products worth $34bn in annual trade are due to come into effect on 6 July.

Brown also said that there are no signs of the two nations resuming their stalled trade talks "in just about every level". Some institutional investors are "proactively" making plans to buy A shares and will buy more if the gauge falls under 3,000, the China Securities Journal reported on Tuesday, without saying where it got the information or identifying the institutions.

Worries about a growing U.S.

The sheer size of Trump's latest threat makes it impossible for an in-kind response from China since the value of the goods involved exceeds by US$70 billion the total value of U.S. imports to China a year ago, USA data shows.

"However, and unfortunately, China has determined that it will raise tariffs on Dollars 50 billion worth of United States exports".

Chinese regulators also have the option of broadening their retaliation by tying up American companies in tax or anti-monopoly investigations or by denying or revoking licenses. Beijing said it would take "strong" countermeasures if new levies are issued.

Worries about a trade war between the US and China has been brewing for most of the year as the two countries have traded threats.

Economists warn Washington might be undercutting its negotiating position by alienating potential allies.

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It has informed the World Trade Organization (WTO) that it plans to impose retaliatory measures on USA goods to the tune of 50 billion yen (395 million euros, $455 million), after failing to persuade Washington to exempt it from the tariffs.

"Including crawfish and shrimp would provide a much needed economic boost to the Louisiana seafood industry, which provides the finest seafood in the world", Kennedy said.

The prospect of a trade war is particularly unsafe when it comes to China, the U.S.' largest goods trading partner.

Travel services accounted for nearly two-thirds of US services exports to China in 2015, according to the US International Trade Commission.

The White House has not set a date for the imposition of any new tariffs beyond the initial list.

Last week, Mr Trump confirmed that the United States would impose 25% tariffs on $50bn worth of Chinese goods.

"Although many think this might be another bluff from Trump, markets are likely to stay nervous to trade-related headlines for now". By picking agricultural goods in its latest list, China appeared to be targeting Trump's electoral base, he said. "The latest tariff threats demonstrates Trump's frustration with the current state of negotiations with China, significantly increasing the likelihood that Trump will seek to use these investment restrictions in an attempt to bring China to the negotiating table".

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