China vows retaliation for latest USA tariff threat

Trump Announces New Taxes on TVs and Air Conditioners

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.

United States stocks fell on Wednesday, breaking a four-session streak of gains after Washington's threat to impose tariffs on an additional $200 billion worth of Chinese goods fanned trade war fears, while a sharp drop in oil prices hit energy shares.

The Chinese foreign ministry said Washington's threats were "typical bullying" and described the dispute as a "fight between unilateralism and multilateralism".

More than 6,000 items could be affected - including burglar alarms, vehicle tyres, handbags, baseball gloves, carpets, toilet paper, dog food, and hundreds of food products.

U.S. Trade Representative Robert Lighthizer on Tuesday evening unveiled a proposed list of more than 6,000 products to be hit with 10-per-cent import taxes.

Because China imports fewer goods from the USA than the US imports from China, it is unable to match USA tariffs in value, according to a report from Mizuho Bank.

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"This act is typical trade bullying", a spokesperson for China's Ministry of Commerce said in a statement. China immediately responded with $34 billion worth of tariffs on American-made goods in retaliation.

Last Friday, the U.S. imposed 25 per cent tariffs on $US34 billion ($46 billion) of Chinese products, and Beijing responded by hitting the same amount of United States imports.

President Donald Trump has threatened to tax as much as $US550 billion in Chinese products - an amount that exceeds America's total imports from China past year.

The office will take public comments and hold hearings on the plan before reaching a decision after August 31.

US Senate Finance Committee Chairman Orrin Hatch described the move was "reckless".

That's why Trump can slap tariffs on them just because he feels like it.

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In a bid to minimize tensions both diplomatically and in the financial markets, a memo from the Chinese government was distributed to reporters outlining instructions on how to cover the tariff battle with America. "Imposing taxes on another $200 billion worth of products will raise the costs of everyday goods for American families".

The President's tariffs are already squeezing some USA firms, which have started to raise prices or lay off workers as a result.

On Friday, China accused Trump of trade bullying and setting off a chain of possible adverse effects for US consumers, as well as those overseas.

The Retail Industry Leaders Association (RILA) was quick to condemn the proposal, saying it will punish American consumers.

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

"Sometimes our friends, when it comes to trade, are treating us worse than the enemies", Trump said at a press conference on June 29. But Trump hasn't backed down, arguing that China's unfair trading practices are hurting American workers. China has vowed to retaliate dollar-for-dollar to any further US tariffs.

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