USA escalates trade war with new $200 billion China tariff list

What Is the Endgame for the Trump Trade Wars?

What Is the Endgame for the Trump Trade Wars?

The US said that was in response to Beijing's failure to change its policies and to retaliate for last week's US tariff hike by increasing its own duties on American goods.

"Special Report" panel reacts to the strategy behind the Trump administration's new charges on Chinese products.

"It's already past the point of no return", said Pauline Loong, managing director at research firm Asia-Analytica in Hong Kong.

"Markets are panicking about the impact of a tit-for-tat trade war on economic growth", Manulife Asset Management investment analyst William Hamlyn told AFP.

The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years.

After the list was released, China's Commerce Ministry said in a statement that it could not accept the additional tariffs proposed by the USA, adding that it was "shocked" by the decision.

"Rather than address our legitimate concerns, China has begun to retaliate against USA products ..." USA indexes are set to open lower after a stretch of gains.

Beijing thus far has vowed to respond in kind to any USA trade action.

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.


At a forum in Beijing, a senior official accused the United States of "damaging the world economic order" and said it would "destroy" trade between the rival powers.

'Tonight's announcement appears reckless and is not a targeted approach, ' Senate Finance Chairman Orrin Hatch said. Only about 1% of the items on the list were consumer goods.

The new tariffs will not immediately go into effect, instead going through a two-month review process, with hearings in late August.

So far Republicans in Congress have been more talk than walk on trade.

"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.

Chinese-made teddy bears carrying American hit movie Avengers characters are displayed inside an arcade game at a shopping mall in Beijing, Wednesday, July 11, 2018. In any case, the Trump administration has not backed down, citing a need to confront China over unfair trade practices.

The European Union Chamber of Commerce in China said this week its member companies are rearranging their trade shipments to ensure any bound for the United States don't pass through China.

Seems like President Trump is looking out for his little girl.

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