Canada 'caught in the crossfire' of US-China trade dispute

Canada 'caught in the crossfire' of US-China trade dispute

The Trump administration announced plans to levy tariffs on another $200 billion of Chinese goods as trade tensions escalate.

The Chinese government, however, called it "totally unacceptable" and said it would take unspecified countermeasures.

Donald Trump is readying tariffs on another $200 billion in Chinese imports, escalating a trade war between the world's two biggest economies.

More than 6,000 items could be affected - including burglar alarms, vehicle tyres, handbags, baseball gloves, carpets, toilet paper, dog food, and hundreds of food products.

White House officials said the president has asked United States trade representative Robert Lighthizer to begin preparations for levies of 10 per cent on a host of consumer products, just days after the two economic giants hit one another with $34bn export tariffs.

Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose USA farmers and manufacturers to retaliation overseas.

But China has rebuffed USA complaints and denied any harm was done to US companies, and instead retaliated "without any worldwide legal basis or justification", Lighthizer said.

President Trump published a list of Chinese goods he will give a tariff of 10 percent on, which are worth a total of £151 billion.

"The markets had some time to digest the latest trade war developments and are poised to begin consolidating".

The U.S. said it had no choice but to move forward on the new tariffs after China failed to respond to the administration's concerns over unfair trade practices and Beijing's abuse of American intellectual property, according to two senior officials who spoke to reporters.

President Donald Trump has threatened to tax as much as $550 billion in Chinese products - an amount that exceeds America's total imports from China past year.

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'Tonight's announcement appears reckless and is not a targeted approach, ' Senate Finance Chairman Orrin Hatch said.

The U.S. Chamber of Commerce has supported Trump's domestic tax cuts and efforts to reduce regulation of businesses, but does not back Trump's aggressive tariff policies.

"Tariffs on such a broad scope of products make it inconceivable that American consumers will dodge this tax increase as prices of everyday products will be forced to rise", he said.

Meh. What's $200 billion these days?

They also said they remain open to working with China to try to resolve the dispute, but the response from Beijing so far has been unsatisfactory.

Analysts say a full-blown trade war with China could wound the U.S.in several ways.

"American families are the ones being punished. Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war", said Hun Quach, the head of worldwide trade policy for the group.

The U.S. trade deficit in goods with China ballooned to a record $375.2 billion past year, stoking his anger over trade policies.

Several traders said they saw some dollar selling by large state banks in the spot market, which went some way to supporting the yuan, though they did not know whether USA dollar liquidity offered by the banks was on behalf of the central bank or corporate clients.

China imports far less from the United States than the USA imports from China.

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