'Reckless': Trump escalates trade war with another $US200b in Chinese tariffs

Canola is an “imperfect substitute” for soybeans
Mike Drew  Postmedia

President Donald Trump has threatened higher tariffs on more than US$500 billion of goods, or almost all of China's annual exports to the United States.

The tariffs will not be imposed until after a two-month period of public comment on the proposed list, but some United States business groups and senior lawmakers were quick to criticize the move.

For more than a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition.

However, in a statement this morning the Chinese ministry of commerce hit back, saying: "China is shocked by U.S. behaviour".

When he talks China, we listen.

US Senate Finance Committee Chairman Orrin Hatch described the move was "reckless".

"China provides massive, market-distorting subsidies and other forms of state support to its domestic industries", Shea said.

Global investors have mostly looked past the intensifying trade fight between the USA and China, even as the countries move to deploy tariffs on hundreds of billions of dollars in goods.

The first round of tariffs covered Chinese products ranging from farming plows to machine tools and communications satellites.

U.S. President Donald Trump is pushing his trade conflict with China toward a point where neither side can back down.

Croatia pin hopes on Modric for triumph
In 2002, 2006 and 2014 they were eliminated in the group stages, and they failed to qualify for the 2010 tournament. Two years ago they were knocked out of Euro 2016 after conceding a late goal in extra-time against Portugal .

Rabobank said last week it reckoned China will have to buy 15 million tonnes of USA beans with the new tariff this year because there are not enough alternative sources of beans from other major exporters, like Brazil and Argentina.

In an April Twitter post, Trump said this allowed China to "get tremendous perks and advantages, especially over the US".

Among the potential ways Beijing could hit back are "qualitative measures", a threat that US businesses in China fear could mean anything from stepped-up inspections to delays in investment approvals and even consumer boycotts.

A possible second round of tariff hikes announced Tuesday by the US Trade Representative targets a US$200 billion list of Chinese goods.

The USTR, the federal agency that oversees global trade policy and negotiations, said it was responding to Beijing's decision to retaliate instead of changing its policies.

Pence cited several exporting opportunities that he said have improved during the Trump administration, including beef to China and poultry to South Korea.

"Concerns over trade and trade wars are really having an adverse effect, less so on the US markets than the global markets, but it is certainly taking a bite". "What's next is not so much a trade war or even a cold war as the dawn of an ice age in relations between China and the United States".

The officials said they tried to target goods that would reduce the harm to US consumers.

"The behavior of the U.S. is hurting China, hurting the world, and hurting itself", the ministry said in a statement, adding that it was "shocked" by USA actions.

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