Economy

China vows retaliation for latest United States tariff threat

China vows retaliation for latest United States tariff threat

Trump has recently introduced tariffs on $34 billion worth of Chinese products and, while hundreds of products have been affected, certain goods were conveniently spared from this enactment - including the products made for Ivanka's internationally manufactured fashion brand.

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

But it could interfere with American automakers and retailers who see China as a key market by regulating import licenses or investigating US firms for tax, environmental, and antitrust concerns, according to the Associated Press.

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

- The Chinese government vowed Wednesday to take "firm and forceful measures" against USA threats to expand tariff hikes to thousands of products like fish sticks, apples and French doors as their trade dispute escalates.

China has imposed retaliatory tariffs on $US34 billion of American goods as a trade war begins.

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

The S&P 500 dropped 0.7 percent as energy, materials and industrials all fell more than one percent. Traders said they were keeping an eye on the key 6.7 per dollar level as pressure mounted on the currency.

President Donald Trump vowed to hit back on a growing list of products after China retaliated in kind for the first round of 25 percent tariffs on $34 billion worth of imports that Washington imposed last week.

The new list published on Tuesday targets many more consumer goods than those covered under the tariffs imposed last week, raising the direct threat to consumers and retail firms.

The additional USA tariffs, which will go through a two-month approval process including a public hearing, come after China retaliated in a tit-for-tat trade skirmish last week.

The move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted".

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The US Chamber of Commerce, which has supported Trump's tax cuts and efforts to reduce regulation of businesses, also criticised the administration's move.

The Chinese Commerce Ministry said Tuesday that it would be forced to retaliate against what it called "totally unacceptable" USA tariffs.

"American families are the ones being punished".

Global markets are rattled this morning after America escalated the deepening trade war between the two countries. They would go into effect sometime after August 30.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said in June.

President Xi Jinping's government is also planning to take action against Washington's "unilateralist" behavior at the World Trade Organization in Geneva. His determination to renegotiate trade deals has targeted not only competitors on the world market such as China, but longtime friends and allies such as the European Union or Canada.

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U.S. policy "actually interferes with the process of economic globalization" and "damages the world economic order", charged Li.