The Trump administration pushed ahead with plans to impose tariffs on additional $200 billion in Chinese products by releasing a list of targets, marking a sharp escalation in a trade war between the world's two largest economies.
China's Commerce Ministry has said that Beijing has no choice but to fight back after the U.S. "launched the largest trade war in economic history", accusing Washington of violating the rules of the World Trade Organization (WTO).
A Commerce Ministry statement said, "It is totally unacceptable for American side to publish a tariff list in a way that is accelerating and escalating".
China's Commerce Ministry slammed the latest United States threat as a "totally unacceptable" escalation of their dispute and promised to protect its "core interests".
More than 6,000 items could be affected - including burglar alarms, vehicle tyres, handbags, baseball gloves, carpets, toilet paper, dog food, and hundreds of food products.
The U.S. Trade Representative is taking comments on these proposed tariffs until August 17.
Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose US farmers and manufacturers to retaliation overseas. In a statement, it called the US actions "completely unacceptable". The list covers some $200 billion in Chinese exports that could be hit by a 10 percent tariff.
The intensifying trade war between the world's biggest economies was also a drag on commodity markets. The move made good on the president's threat to respond to China's retaliation for the initial us tariffs on $34 billion in Chinese goods, which went into effect on Friday.
The public will have a chance to comment on the list before the new tariffs - to be imposed at 10% -come into effect.
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They are being looked after by seven members of the Thai navy SEALs, including medics, who were staying with them in the cave. They have also been shown how to use diving equipment in case they are required to dive in order to get out of the cave.
Republican U.S. Senate Finance Committee Chairman Orrin Hatch said the U.S. announcement "appears reckless and is not a targeted approach".
Meh. What's $200 billion these days?
The President's tariffs are already squeezing some USA firms, which have started to raise prices or lay off workers as a result.
Robert Holleyman, the US official in charge of trade with Asia during former president Barack Obama's second term, described the tariffs as "tax hikes on USA imports".
The Retail Industry Leaders Association (RILA) was quick to condemn the proposal, saying it will punish American consumers. "Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war".
In commodities, US crude futures inched up 0.25 percent to $70.57 a barrel after tumbling 5 percent the previous day as trade tensions threatened to hurt oil demand and news that Libya would reopen its ports raised expectations of growing supply.
"China's failure to fully embrace the open, market-oriented policies on which this institution is founded must be addressed, either within the WTO or outside the WTO", Shea said according to prepared remarks released by the United States mission.
Wall Street's four-day winning streak ended with a thud on Wednesday (Jul 11) as another round of US-China trade tensions prompted a global stocks selloff. "Reliance on more and more taxes as a means to drive change is a high-risk strategy with USA importers and exporters at the heart".