United States lists $200 bn in Chinese goods to be hit with tariffs

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But Trump has said continuously that China has taken advantage of the USA economy, and he has vowed to hit almost all the country's products with tariffs, as much as $450 billion.

The spiraling conflict over Chinese technology policy threatens to chill global economic growth.

The National Retail Federation, an industry group, warned about the impact on prices from the new measures.

On July 10, U.S. Trade Representative Robert Lighthizer announced in a statement that U.S. President Donald Trump has "ordered USTR to begin the process of imposing tariffs of 10 percent on an additional $200 billion of Chinese imports".

China's assistant commerce minister Li Chenggang said earlier on Wednesday that the latest proposed tariffs harms the World Trade Organisation (WTO) system and hurts globalisation. In order to safeguard the core interests of the country and the fundamental interests of the people, the Chinese government will, as always, take the necessary counter-measures.

"We have been very clear and detailed regarding the specific changes China should undertake".

In total, the new import taxes that President Trump is threatening to impose are nearly equal to the value of China's entire goods exports to the United States, worth more than $500bn previous year.

The new list includes vacuum cleaners, furniture, auto and bicycle parts, French doors and plywood.

Among premarket decliners, Boeing and Caterpillar fell around 1.5 percent each and U.S. Steel 2 percent.

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That "will hit the Chinese export sector hard", said Rajiv Biswas of IHS Markit in a report.

Chinese tariffs have already taken a toll on USA exports such as soybeans, which raises questions about the possible political repercussions President Trump could face from farmers who supported him in the 2016 election. China responded to that action by imposing tariffs on $34 billion of US products, and the country has vowed to take countermeasures against the current action as well. While China matched tariffs on US$34 billion in goods, dollar-for-dollar, state media coverage of the trade war has been relatively subdued. China has vowed to retaliate dollar-for-dollar to any further U.S. tariffs.

To defend the local auto industry, Trade Minister Kim Hyun-chong will lead a delegation composed of government and company officials to the United States next week to meet with American politicians and business leaders. Regulators can deny or cancel licences or launch lengthy tax, environmental or anti-monopoly investigations.

US -listed shares of Chinese companies also tumbled, with e-commerce giant Alibaba falling 1.7 percent, and JD.com and Baidu down 1.8 percent each. All other major governments have approved the deal. American companies could respond by shifting investments to other countries, say Vietnam.

Members of Congress are increasingly questioning Trump's tactics. In the long run, he said, it could be a good thing for the USA if they are able to come to an agreement.

Envoys from the two sides last met June 3 when Commerce Secretary Wilbur Ross visited Beijing for talks with Vice Premier Liu He. "It's up to them to open the door again".

Trump had threatened earlier that he would impose additional tariffs if Beijing retaliated with countermeasures. -Chinese trade war spreads.

The Shanghai Composite fell 1.8% and Hong Kong's Hang Seng was down 1.3% Wednesday.

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