Wall Street snaps four-day rally; latest trade threat weighs

Trump Announces New Taxes on TVs and Air Conditioners

The eventual goal is to impose tariffs on 40 percent of Chinese imports, the same proportion of USA goods hit by Beijing's retaliation, an official told reporters.

The Trump administration is preparing to impose tariffs on US$200-billion more in Chinese goods, a move that would intensify the bruising trade war between the world's two largest economies.

"The administration's announcement of a potential 10 percent tariff on $200 billion of additional imports from China, including a significant amount of chemicals, is a stunning and unfortunate development for US manufacturers and consumers", ACC said in a July 11 statement.

The new list-targeted at China's key manufacturing export industries-contains over 6,000 products, including fruits, vegetables, live eels, feathers and beaver heads as well as hi-tech minerals that the US needs.

The final list - covering a wide range of products including refrigerators, furniture and even antiques - will be announced after public hearings in late August.

For the full list, see the 205-page document.

"The President has broken his promise to bring 'maximum pain on China, minimum pain on consumers, ' and American families are the ones being punished", Hun Quach, RILA VP of global trade, said in a statement.

Faced with USTR's latest announcement, China was "shocked".

"The behavior of the U.S.is hurting China, hurting the world and hurting itself", China's commerce ministry spokesperson said in a statement, according to the BBC, before adding that Beijing will have to take "necessary countermeasures".

"As in the past, the United States is willing to engage in efforts that could lead to a resolution of our concerns about China's unfair trade practices and to China opening its market to USA goods and services", he said.

The Retail Industry Leaders Association said in a statement: "American retailers and the families we serve barely had time to process the barrage of tariffs implemented last week".

Some analysts have suggested that China could reduce the number of Chinese tourists to the U.S. and boycott United States services. "The US upped the stakes in the trade war with China, sending equity markets tumbling, as risk off prevails", Jasper Lawler, head of research at London Capital Group wrote in an email.

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. "Both countries are testing each other". He is also renegotiating the North American free-trade agreement, demanding Canada and Mexico eliminate trade barriers for the United States while allowing Washington to erect more barriers of its own to Canadian and Mexican firms.

"This is where a painful situation gets more painful", said Phil Levy, a former White House economist in the George W. Bush administration. Senate Finance Committee Chairman Orrin Hatch called it "reckless", adding that the tariffs were "not a targeted approach".

NAM urged the Trump administration to negotiate a trade treaty with China.

But China also faces difficulties in retaliating directly: it ships far more goods to the United States ($506 billion previous year, according to U.S. figures) than come back in the opposite direction ($130 billion).

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