China: Tit-for-tat tariffs will ‘destroy’ US-China trade

US to impose tariffs on $200 billion Chinese imports

Each side is mulling tariffs on a further $16 billion in goods that would bring the totals to $50 billion. Expect markets to suffer some turbulence in the days ahead.

Chinese stocks slumped by another 1.8% yesterday in the wake of the latest U.S. tariff threat, while the S&P500 posted a smaller decline overnight of 0.71%.

"The $200 billion figure we're looking at is roughly equal to their exports to us", the senior official said.

This time, consumer products - dog leashes, handbags, furniture, cigarettes and apparel - are being directly targeted, and without the supply chain buffer, the consumer shopping experience will become unavoidably more expensive. By expanding the list, the administration is beginning to hit products that USA households buy, including such things as electric lamps and fish sticks.

Trump has said continuously that China has taken advantage of the United States economy, and he has vowed to hit almost all the country's products with tariffs, as much as $450bn.

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The offending impurity is N-nitrosodimethylamine (NDMA), which has been listed as a probable carcinogen by the International Agency for Research on Cancer .


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 a year ago. This could result in Chinese companies having to simply pay more without slowing consumption.

What Beijing could do instead is to make life more hard for American business interests, with more aggressive action by regulators, such as safety inspections or financial investigations.

However, this strategy is not without risk. China immediately responded with $34 billion worth of tariffs on American-made goods in retaliation. This would restrict the flow of technology and cash to China, possibly on a permanent basis if American companies find a friendlier place to invest and operate.

Oliver Jones from Capital Economics has warned that China's response to Trump's latest tariff threat could hit the United States stock market hard.

FILE - Imported nuts from the United States are displayed at a supermarket in Beijing, March 23, 2018.

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The comments sparked immediate objections from Democrats, who called them outrageous, and Strzok was livid. Bonnie Watson Coleman, D-New Jersey, said, "I have never seen my colleagues so out of control, so angry".


The USTR said it was responding to Beijing's decision to retaliate instead of changing its policies. The Chinese government has also promised to pursue necessary countermeasures, but has not yet provided details. ABC News' Mariam Khan contributed reporting to this story.

Scott Lincicome, a trade lawyer for the group Republicans Fighting Tariffs, said tariffs on $200 billion would amount to a "multibillion-dollar tax on American businesses and families" and prompt China to retaliate against American exporters.

The National Association of Manufacturers also criticized the USA decision, saying this latest round of tariffs could undermine the economic gains from the administration's tax and regulatory reform policies. But the mood on Wall Street is darkening, with analysts increasingly warning of the potential impact on financial markets as the world's two largest economies square off.

Since March, Beijing and Washington have been embroiled in a tit-for-tat trade battle, with both countries releasing tariff proposals in retaliation.

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He also suggested that Boris Johnson , who resigned as foreign secretary this week over May's plans, would do a better job. Because of the wave of immigration, Trump said, Europe is "losing [its] culture". "Look around", he said.


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