China vows retaliation for US$200B United States tariff threat

Weimar Republic hyperinflation

The Trump administration raised the stakes in its trade war with China on Tuesday, saying it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports. 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 additional US tariffs, which will go through a two-month approval process including a public hearing, come after China retaliated in a tit-for-tat trade skirmish last week.

Reacting to the "totally unacceptable" decision by Washington, China's Ministry of Commerce in Beijing made it clear the world's second-largest economy would be forced to take "countermeasures".

China hit back with its own levies - targeting USA products such as mixed nuts and whiskey.

'Tonight's announcement appears reckless and is not a targeted approach, ' Senate Finance Chairman Orrin Hatch said.

He said the administration should get back to the negotiating table with China.

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

Ivanka's products remain untouched by these tariffs and the fashion line is continuing to work with and create order contracts for Chinese shoe suppliers, such as Chengdu Kameido Shoes and Hangzhou HS Fashion.

China accused President Trump last week of starting "the biggest trade war in economic history" with his administration's original round of tariffs.

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The Trump administration announced plans to levy tariffs on another $200 billion of Chinese goods as trade tensions escalate.

The European Union Chamber of Commerce in China said this week its member companies are rearranging their trade shipments to ensure any bound for the United States don't pass through China.

Republican U.S. House of Representatives Speaker Paul Ryan accused China of unfair trade practices but added, "I don't think tariffs are the right way to go".

Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose USA farmers and manufacturers to retaliation overseas. There is no victor in a trade war.

"Concerns over trade and trade wars are really having an adverse effect, less so on the USA markets than the worldwide markets, but it is certainly taking a bite".

Chinese tariffs have already taken a toll on US exports such as soybeans, which raises questions about the possible political repercussions President Trump could face from farmers who supported him in the 2016 election.

"Our worldwide trade is extremely important and we have to start off on the right track and I'm not sure we are right now", he said.

The Chinese Commerce Ministry said Tuesday that it would be forced to retaliate against what it called "totally unacceptable" US tariffs.

The President's tariffs are already squeezing some US firms, which have started to raise prices or lay off workers as a result.

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