China trade war sinks the Australian dollar, Wall Street, oil and gold

Trump Announces New Taxes on TVs and Air Conditioners

The Trump administration raised the stakes in the growing trade dispute, threatening 10 percent tariffs on a list of $200 billion worth of Chinese imports, sending stocks lower and prompting Beijing to warn it would be forced to respond.

Less than a week into the trade war with China, President Trump is already thinking about levying more tariffs against goods imported from that nation to the U.S.

"For many years, China has pursued abusive trading practices with regard to intellectual property and innovation", Mr. Lighthizer said in a statement on Tuesday.

"The behavior of the USA is hurting China, hurting the world, and hurting itself", it said.

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.

"I don't want it to be detrimental to other people's interest either but certainly our interests are important", Senate Finance chairman Orrin Hatch, R-Utah, told reporters Wednesday morning.

The Trump administration said the new levies are a response to China's decision to retaliate against the first round of US tariffs.

Proposed tariffs on another US$200 billion of Chinese imports have been rolled out with Beijing vowing to retaliate.

But Trump has said continuously that China has taken advantage of the US economy, and he has vowed to hit almost all the country's products with tariffs, as much as $450 billion.

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Rabobank said last week it reckoned China will have to buy 15 million tonnes of United States beans with the new tariff this year because there are not enough alternative sources of beans from other major exporters, like Brazil and Argentina.

China's assistant commerce minister Li Chenggang said earlier on Wednesday that the latest proposed tariffs harms the World Trade Organisation (WTO) system and hurts globalisation.

China's WTO "trade policy review" - scheduled before Washington lit the fuse on a tariff battle with Beijing - served as a new front in the widening economic confrontation between the two powers.

"This is an appropriate response", Robert Lighthizer, the USA trade representative, insisted last night.

The USTR will accept public comments and hold hearings August 20-23 before reaching a decision after August 31, according to a senior USA official who briefed reporters on condition of anonymity.

"The administration has been pursuing tariffs now for months and we still don't know what the endgame is", Mr.

The Chinese commerce ministry said that it was "shocked at the USA action" and warned that it would be forced to retaliate "to protect the core interests of the nation and its people". "What's next is not so much a trade war or even a cold war as the dawn of an ice age in relations between China and the United States".

"Our president is going to keep fighting for trade deals that are free and fair and reciprocal", Pence said.

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

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