US to slap tariffs on extra $200 billion of Chinese imports


US to slap tariffs on extra $200 billion of Chinese imports

The consultation process for the new list will probably last about two months, including public hearings to take place from August 20 to 23, two senior administration officials said Tuesday on a conference call with reporters.

The move would be the latest in the escalating trade skirmish between the world's two biggest economies.

The tariff list could be released as soon as Tuesday, and likely this week, the report said.

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

The United States began imposing tariffs on $34 billion in Chinese goods at 12:01 a.m. EDT (0401 GMT) on Friday.

Companies are "scrambling to readjust supply chains" so goods bound for the United States don't pass through China, Harborn said at a news conference.

On Friday, the USA slapped 25 percent taxes on $34 billion in Chinese imports, majority are industrial goods that the Trump administration says receive subsidies or other unfair support from Beijing.

The press offices for the U.S. Trade Representative's office and White House didn't immediately comment when Bloomberg News contacted them.

Some US business groups and senior politicians sharply criticized the latest action, with Senate Finance Committee Chairman Orrin Hatch, a Republican, saying it "appears reckless and is not a targeted approach".

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. US officials insist China's retaliatory tariffs are unjustified.

Beijing, meanwhile, has unveiled measures to help Chinese companies absorb the US trade blows, pledging to funnel money collected from its own import levies to firms and workers tangled in the escalating trade war.

Stock futures fell and yields on 10-year Treasuries declined on concern of a widening trade war.

But China only bought about $135 billion in USA goods past year, meaning it will run out of American products to tax before it matches Trump's latest move. China has vowed to retaliate dollar-for-dollar to any further US tariffs. But Trump hasn't backed down, arguing that China's unfair trading practices are hurting American workers.



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