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12 July 2018, 03:25 | Joann Bryant
US prepares to impose new tariffs on additional $200B worth of Chinese goods
"If we see an increase in shipments from the latter in the coming months, we will be able to say there has been a shift in the supply chain, rather than simply a change in reporting techniques", he said.
Investors said trade war worries may slip to the background as investors begin to focus more closely on second-quarter earnings over the coming weeks.
Senate Finance Committee Chairman Orrin Hatch called it "reckless", adding that the tariffs were "not a targeted approach".
The proposed new round of U.S. tariffs mark a sharp escalation in a trade war between the world's two largest economies, which each began levying 25 per cent tariffs on US$34 billion worth of goods against the other on July 6, with tariffs on another US$16 billion in goods on the cards.
The United States is preparing 10 per cent tariffs on more than 6,000 Chinese products, from air conditioning units and antiques to toilet paper and truffles.
The comments came after President Donald Trump's administration threatened fresh tariffs on another $200 billion in Chinese goods and Beijing vowed to retaliate, the latest salvo in the escalating tariff battle.
"For over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition", Trade Representative Robert Lighthizer said in announcing the proposed tariffs.
"China is showing no signs of backing down and instead looks like it is preparing for a drawn out conflict", said Scott Kennedy, deputy director of China studies at the Center for Strategic and International Studies in Washington.
"China's export sector will therefore suffer a significant deterioration in export competitiveness to the USA compared to other emerging markets' manufacturing exporters". The US hit Chinese exports worth $34 billion with a 25 per cent tariff last week and Beijing infuriated the White House by...
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 6, 2018.
Trump has campaigned on the claim that trade partners are taking advantage of Americans due to "terrible deals" made by previous U.S. presidents. President Donald Trump has threatened higher tariffs on more than $500 billion of goods, or almost all of China's annual exports to the United States.
China' s Ministry of Commerce said that the tariffs are "totally unacceptable" and it is hurting the entire world, as well as China. "If the US goes ahead with more, China needs a combination of tools and it is prudent to guard against downside risk to growth too".
But China also faces difficulties in retaliating directly: it ships far more goods to the United States ($506 billion previous year, according to U.S. figures) than come back in the opposite direction ($130 billion).
China, however, has explicitly excluded LNG from its list of USA energy goods that may be subject to tariffs, as it seeks to fight air pollution by a massive switch from coal-fired to gas-fired residential heating.
The more it turns up the heat therefore, the more likely the tariffs get implemented as just like the 25 per cent levies on $34 billion of Chinese and USA imports triggered on Friday.
China imports far less from the U.S. than the USA imports from China.
China accused the United States of starting "the largest trade war in economic history", after the first round of tariffs took effect last week.
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