US lists US$200b in Chinese goods to be hit with tariffs

The Latest: China raises tariffs on optical fiber materials

The United States and China launched what Beijing called the "biggest trade war in economic history" Friday, July 6, imposing tariffs on billions of dollars of each other's goods amid a spiraling dispute over technology.

The list includes agricultural products, minerals and consumer goods such as handbags, among other items. "There is no justification for such action".

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.

US Senate Finance Committe chairman Orrin Hatch labelled the move as "reckless", while the US retail industry leaders assocation immediately condemned the move, saying the "the President has broken his promise". Beijing immediately retaliated with similar duties on USA exports.

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In addition, the U.S.is considering separate duties on a further US$16 billion in Chinese goods, after a public hearing later this month.

The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years. But Trump hasn't backed down, arguing that China's unfair trading practices are hurting American workers.

The move makes good on the president's threat to respond to China's retaliation for the initial us tariffs on $34 billion in Chinese goods, which went into effect on Friday and would eventually place almost half of all Chinese imports under tariffs.

The U.S. imposed an initial round of 25% tariffs, applying to $34 billion in imports, as part of a $50 billion tariff plan.

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