Trade War Escalates: US Proposes Tariffs On $200B In Chinese Imports

What Is the Endgame for the Trump Trade Wars?

Beijing has vowed to "fight back as usual" after Donald Trump's tit-for-tat trade war with China escalated once again last night.

Trade rhetoric has been escalating between the USA and the rest of the world, including key American allies. The official added that China has warned the US that future actions would be met with "economic attacks" on American markets.

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

The first US tariff list focused on Chinese industrial products, an attempt to reduce the direct impact on American consumers. This has raised concerns that China could retaliate with non-tariff trade measures.

On Friday, the U.S. imposed 25-percent tariffs on around $34 billion in Chinese goods, sparking an immediate dollar-for-dollar retaliation from Beijing. "There is no justification for such action", Mr Lighthizer said. China has vowed to retaliate dollar-for-dollar to any further United States tariffs.

Beijing described Washington's latest threat as "totally unacceptable", saying it would hurt the world.

The move would be the latest in the escalating trade skirmish between the world's two biggest economies. President Trump has threatened higher tariffs on more than $500 billion of goods, or almost all of China's annual exports to the United States.

Although it was not a direct reaction to the new move from Trump's administration, the official English-language newspaper China Daily said in an editorial that Beijing had to stand up to Washington.

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Soybeans, crushed to make cooking oil and the protein-rich animal feed ingredient soymeal, were the biggest US agriculture export to China previous year at a value of US$12.3 billion, according to the US Department of Agriculture.

Market drops started in Asia overnight, where all of China and Hong Kong's share indices lost more than 1%, and has spread to Europe as markets open here.

"Despite the serious economic consequences of ever-increasing tariffs, today there are no serious trade discussions occurring between the USA and China, no plans for trade negotiations anytime soon, and seemingly little action toward a solution", Brady said.

"Although I have supported the administration's targeted efforts to combat China's technology transfer regime, tonight's announcement appears reckless and is not a targeted approach", said Sen.

Scott Lincicome, a trade lawyer for the group Republicans Fighting Tariffs, said tariffs on $200 billion would amount to a "multibillion-dollar tax on American businesses and families" and prompt China to retaliate against American exporters.

Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose USA farmers and manufacturers to retaliation overseas.

The White House has complained that China has used predatory practices in a relentless push to grant Chinese companies an unfair advantage in the industries of the future, including robotics, electric cars and biopharmaceuticals.

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