Trump administration threatens tariffs on another $200 billion in Chinese imports

A woman tends to a child near a promotional gimmick in the form of a bomb and the U.S. flag outside a U.S. apparel shop in Beijing

Earlier on Tuesday, the Trump administration unveiled a list of Chinese exports, worth some $200 billion, that it plans to slap with 10 percent tariffs.

House Ways and Means Committee chief Kevin Brady, of Texas, warned of "a long, multi-year trade war between the two largest economies in the world that engulfs more and more of the globe". "The last thing America's manufacturing workers need is an escalating trade war", NAM CEO Jay Timmons said in a statement. The Chinese foreign ministry said Washington's threats were "typical bullying" and described the dispute as a "fight between unilateralism and multilateralism".

Greg Daco, an economist at Oxford Economics, has calculated that the $250 billion in tariffs Trump has imposed or threatened to place on Chinese imports could shave growth by about 0.3 percentage point next year. The top items by value were furniture at $29 billion of imports in 2017, network routers worth $23 billion past year and computer components to the value of $20 billion.

The latest round of import taxes on Chinese goods has a two month public commentary period and the USA administration is being open about the fact that they expect China to discuss the move leading one to wonder if it will actually be imposed.

US President Donald Trump is pushing his trade conflict with China toward a point where neither side can back down. The Senate on Wednesday handily passed a symbolic measure instructing lawmakers working to reconcile an unrelated spending bill to include language "providing a role" for Congress when the president invokes national security reasons to justify tariffs.

"I am curious to see what China does to retaliate in the coming days".

In Brussels, a top European Commission official, Vice-President Valdis Dombrovskis, said he was "concerned" about an "immediate economic impact" from not only the latest tensions but also about a broader unravelling of the multilateral trading system. On Wednesday, the Trump administration said ZTE took another step toward ending a US ban after ZTE signed an escrow agreement.

China's commerce ministry said on Thursday that China has not been in touch with the United States about restarting trade negotiations and said complaints about forced technology transfers and IP theft are unacceptable.

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Li Chenggang, an assistant minister at the Commerce Ministry, had earlier told reporters that the United States is escalating the trade war, which is an irresponsible move. China immediately retaliated with tariffs on its own list of $34 billion worth of American goods.

The total USA debt is over 18 trillion euros. "The steel tariffs alone could increase the cost of a 280-mile pipeline by as much as $76 million", Gerard, Dooley, and Hamberger said. Before the latest anti-China announcement, German Chancellor Angela Merkel and Chinese premier Li Keqiang held a meeting in Berlin in which they pledged to uphold the rules-based order.

"When exposing and criticizing American words and actions, be careful not to link it to Trump and instead to aim it at the USA government", a memo based on verbal instructions from government officials reads.

"A lot of supplies on construction machinery come from China".

In China, Hong Kong's Hang Seng index dropped 2 percent, while the Shanghai Composite fell by 1.8 percent.

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

The latest duties are aimed at pressuring China to take USA concerns about intellectual property theft and forced technology transfers more seriously and finally change what the administration and many in industry and Congress see as harmful practices.

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