USA fires next shot in China trade war

Trump Announces New Taxes on TVs and Air Conditioners

US prepares to impose new tariffs on additional $200B worth of Chinese goods

China immediately retaliated with duties on the same value of US goods, including soybeans and cars.

A Commerce Ministry statement said, "It is totally unacceptable for American side to publish a tariff list in a way that is accelerating and escalating". It said Beijing would take unspecified "necessary countermeasures" to protect its "core interests".

China accused the USA of starting "the largest trade war in economic history", after the first round of tariffs took effect last week.

United States tariffs of 25 percent on $34 billion of Chinese imports went into effect on July 6.

It also includes consumer goods ranging from vehicle tires, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products.

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"Unfortunately the markets haven't come to grips with the current levels of trade policies and tariffs", said Art Hogan, chief market strategist at B. Riley FBR in NY.

"We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy", Hatch said in a statement.

"Tonight's announcement appears reckless and is not a targeted approach", Senate Finance Chairman Orrin Hatch (R-Utah) said in a statement. That came four days after Washington added 25 percent duties on $34 billion worth of Chinese goods and Beijing responded by increasing taxes on the same amount of American imports.

In Beijing, Li Chenggang, assistant minister at China's Commerce Ministry, said at a forum in Beijing that the latest United States proposals interfered with the globalisation of the world economy and that China's support for a multilateral trade system would not change.

"China has no option but to fight fire with fire. So, now he's fighting two wars and that's a bit complicated", Tal said.

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USA crude oil futures settled down 5 percent on the trade dispute escalation and as expectations of growing supplies increased on news that Libya would reopen ports.

On Wednesday, China's main stock index lost 1.8 percent and Japan's market benchmark fell 1.1 percent.

Pointing to a moderately higher open for Wall Street shares later in the day, S&P 500 futures ESc1 and Dow futures YMc1 were both up by 0.3 percent.

President Donald Trump is preparing to release a list of an additional $200 billion in Chinese products to be hit with tariffs, according to two people familiar with the matter.

The new round of tariffs targets more than 6000 trade lines including a wide range of low-end manufactured products from handbags, textiles, tires, leather goods, ski gloves to refrigerators to TVs. He said his office "will proceed with a transparent and comprehensive public notice and comment process prior to the imposition of final tariffs, as we have for previous tariffs".

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