Trump targets another $200 billion in China imports with tariffs

Markets drop over trade war fears

Spooked by worsening tensions over trade between the world's two largest economies, investors are selling stocks and commodities and buying safer assets.

By slapping tariffs on trade between the two nations, Bardole says both countries are going to feel pain.

After all, the United States sells much less to China than the other way around.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology".

Trump directed the US Trade Representative's office to begin drawing up a list of $200 billion worth of Chinese goods to hit with a 10% tariff, dwarfing the size of previous trade actions against China.

According to the report, Trump's administration has explicitly told Cook that it will not place tariffs on Chinese-assembled iPhones - a major guarantee for the company - but Apple is concerned about potential actions by China's government.

But China has a much "stronger countermeasure" at its disposal when it comes to the U.S., notes Dean Baker, an economist at the Center for Economic and Policy Research.

The potential tariffs released on Monday are in retalitation to that statement from China. "It is very unfortunate that instead of eliminating these unfair trading practices, China said that it intends to impose unjustified tariffs targeting US workers, farmers, ranchers and businesses".

Global stock markets tumbled with USA bond yields and agricultural commodities on Tuesday, while the dollar rose and investors flocked to safety in the face of a rapidly escalating U.S. US gold futures GCcv1 fell 0.18 percent to $1,277.80 an ounce. It was followed by construction equipment maker Caterpillar, which dropped 2.8 percent.

Trump recently ordered tariffs on $50bn in Chinese goods in retaliation for what he claimed is theft of intellectual property.

China's commerce ministry condemned the announcement, saying the U.S. was engaging in a "practice of extreme pressure and blackmail".

If the U.S. becomes irrational and publishes that new list of tariffs, Beijing will take strong countermeasures to safeguard the interests of China and its people, it said.

Donald Trump threatened to impose an additional $200bn in levies on Chinese goods on Monday evening, days after the U.S. announced $50bn in tariffs aimed at punishing what the USA administration sees as unfair trade practices.

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Trump said Monday that China's response "indicates its determination to keep the United States at a permanent and unfair disadvantage".

"As I've said from the beginning, China will back off its industrial plans only when USA trade measures are large and lasting enough to threaten the influx of foreign exchange".

Mounting concerns over the U.S. The 10-year yield was down 4 basis points at 2.88%.

"By putting the tariffs on, that increases the cost for their processors and livestock industry and in the end their consumers, which isn't good for them", said Bardole. Even an internal report from the White House Council of Economic Advisers reported by the New York Times found that Trump's trade agenda would hurt the us economy.

The White House hasn't set a date for the imposition of any new tariffs beyond the initial list.

Apple is also concerned that the Chinese government will point to the way that Huawei has been accused of being a threat to USA national security, and take some type of action against Apple.

Beijing also drew up a second list of $16 billion in chemical and energy products to hit with new tariffs, though it did not announce a date for imposing them. China is retaliating by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey.

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.

The tariffs on Chinese imports are the latest in a spate of protectionist measures unveiled by Trump in recent months. During the 2016 election campaign, he had promised to use tariffs to cut the United States trade deficits.

The escalation in the dispute with China may also serve as a warning to other trading partners with whom Trump has been feuding, including Canada and the European Union.

If Trump really meant to launch a trade war, the last thing on his mind would be saving ZTE's 70,000 Chinese jobs.

"The United States has initiated a trade war and violated market regulations, and is harming the interests of not just the people of China and the U.S., but of the world", the ministry said.

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