U.S. unveils $200 billion list of China imports for tariffs

What Is the Endgame for the Trump Trade Wars?

China vowed to challenge the "completely unacceptable" move at the World Trade Organisation as global stock markets fell back in Asia and Europe this morning.

This latest move in the ballooning trade conflict between the world's two leading economies came just days after tit-for-tat duties on goods worth $34 billion took effect with the shock waves rippling across Asian markets.

The U.S. imposed an initial round of 25% tariffs, applying to $34 billion in imports, as part of a $50 billion tariff plan.

The Office of the US Trade Representative is seeking submissions on the latest proposed tariffs and will conduct hearings in late August, making September the earliest possible implementation date for the new import taxes.

President Donald Trump faced unusually blunt criticism from within his own party, as one of the U.S. House's top lawmakers urged him to restart negotiations to stop a costly trade war with China.

While observers have been nervously expecting the next salvo in the trade row, the news jarred markets, which had enjoyed some stability this week from upbeat USA jobs data and hopes for the upcoming earnings season.

In a statement USA 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.

"The threat of more trade barriers is unlikely to sway China from its plan to make its domestic chip industry self-reliant, and to create a strong supply chain as a key enabler for innovation in other technologically intensive industries", analysts at BMI Research said in a note to clients Tuesday.

Trump last week said the United States may ultimately impose tariffs on more than $500 billion worth of Chinese goods - roughly the total amount of US imports from China past year.

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Senate Finance Committee chair Orrin Hatch (R-Utah) also took aim at the announced list, saying it "appears reckless and is not a targeted approach".

"The President has broken his promise to bring 'maximum pain on China, minimum pain on consumers, ' and American families are the ones being punished", Hun Quach, RILA VP of worldwide trade, said in a statement.

"The Chinese side is shocked by the actions of the U.S.", a statement on the ministry's website declared.

"Rather than address our legitimate concerns, China has begun to retaliate against United States products ..." Trump said in June that the United States would be willing to enact a fourth round of tariffs on goods worth $200 billion if China retaliated yet again. The U-S Chamber of Commerce says the proposed measure would ultimately hurt American families.

The Retail Industry Leaders Association, a lobbying group, said USA businesses and consumers will lose from the administration's trade battle.

Crude prices also sank heavily on concerns that a trade war could sap demand for the commodity that oils the wheels of the global economy.

"This is an appropriate response to obtain the elimination of China's harmful industrial policies". The index had gained for the past two sessions, having enjoyed a lull from the trade war fears that lashed global markets last week.

"China has no option but to fight fire with fire".

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