U.S. to list tariffs on another US$200 billion of Chinese products

European exporters shift trade to avoid higher US tariffs

The Trump administration announced Tuesday it is preparing a new package of tariffs targeting Chinese exports valued around $200 billion, the latest escalation in the trade war with Beijing.

The escalation of USA tariffs on China comes in the wake of American trade battles with Europe, Canada, and Mexico and amid President Donald Trump's visit to Brussels for a North Atlantic Treaty Organisation summit.

"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", Lighthizer said.

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

Li Chenggang, an assistant minister at the Commerce Ministry, had earlier told reporters that the USA is escalating the trade war, which is an irresponsible move.

"Although I have supported the administration's targeted efforts to combat China's technology transfer regime, tonight's announcement appears reckless and is not a targeted approach", said Sen.

But it could interfere with American automakers and retailers who see China as a key market by regulating import licenses or investigating US firms for tax, environmental, and antitrust concerns, according to the Associated Press.

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

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According to Reuters, there has still been some critical coverage of the U.S.as the two nations exchange massive tariffs, but the criticism has largely not been directed at Trump the individual.

In Trump's first round of tariffs, China accounted for 20 percent of total US imports, meaning that substitutes were readily available.

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

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

China can increase soybean imports from other countries to reduce its reliance on the United States, the boss of a state-owned grain trader said on Wednesday.

The 200-page document, released on Tuesday by the US Trade Representative's office, gives notice to those who wish to comment on the proposal and lists hundreds of products that would be subjected to the new tariffs. "China has not changed its behaviour - behaviour that puts the future of the USA economy at risk". "But China's reaction to the USA tariffs could pose a far greater threat to the index in time". High-level talks between the two countries starting in May failed to deliver a breakthrough to head off a trade war. "It will also result in retaliatory tariffs, further hurting American workers", a Chamber spokeswoman said.

Although the trade war obviously remains front and centre in the minds of investors, another factor at play is the nagging worry that Trump may want to pull the US out of NATO (the North Atlantic Treaty Organisation) - a move that would represent a fundamental upheaval in the worldwide order, and have a huge impact on markets.

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