China says it is 'shocked' by U.S. actions in trade dispute

Weimar Republic hyperinflation

What Is the Endgame for the Trump Trade Wars?

It said Beijing would take unspecified "necessary countermeasures" to protect its "core interests".

China's stocks slumped following news of the new tariffs after three days of gains, and the yuan weakened.

U.S. officials will hold hearings in late August on the list of targeted products and an administration official said it would take about two months to finalise, at which point Trump would decide whether to go ahead with the levies. They criticize Trump's tactics but share US complaints about Beijing's industrial policies. "The negative impact of the trade friction has already appeared". "It's up to them to open the door again".

Tuesday's announcement is the latest move by Trump in his America First protectionist agenda that has also seen the USA target Canada, the European Union and Mexico, who have also hit back with their own measures, sparking global trade war woes.

The Trump administration has published a preliminary list of additional Chinese products that could be targeted with tariffs in the escalating trade war between the world's two biggest economies.

U.S. Trade Representative Robert Lighthizer said in a statement that this is "an appropriate response", as China has for years "pursued abusive trading practices with regard to intellectual property and innovation".

Orrin Hatch, the Republican Senate Finance Chairman, condemned the move as "reckless" and not "targeted", while United States stock index futures fell in early Asian trading.

The list of products facing tariffs is long and varied - everything from vacuum cleaners and TV components to bricks, tires and badger hair shaving brushes (!) (I'll pull together a longer list ASAP).

United States officials released a list of thousands of Chinese imports the administration wants to hit with the new tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminum.

But China also faces difficulties in retaliating directly: it ships far more goods to the United States ($506 billion past year, according to U.S. figures) than come back in the opposite direction ($130 billion). The first round of tariffs covered Chinese products ranging from farming plows to machine tools and communications satellites.

Chinese authorities implemented tit-for-tat tariffs on key U.S. exports into China, including some major agricultural products. Each side is mulling tariffs on a further $16 billion in goods that would bring the totals to $50 billion.

The Dow Jones Industrial Average fell 130.18 points, or 0.52 percent, at the open to 24,789.48.

"Right now, world trade is relatively chaotic". The Trump administration announced plans to levy tariffs on another $200 billion of Chinese goods as trade tensions escalate. The prospect of an global trade war has sent jitters through world markets.

Trump has been considering tariffs against China since his officials concluded in March that Beijing violates USA intellectual-property rights, such as by forcing American firms to hand over technology.

"Rather than address our legitimate concerns, China has begun to retaliate against USA products".

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