Latest Round of Proposed Chinese Tariffs Includes Flooring

European exporters shift trade to avoid higher US tariffs

"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 USA manufacturers and consumers", ACC said in a July 11 statement.

The additional 6,031 product lines would be hit with a 10 percent tariff.

The list is subject to a two-month public comment period. Both governments have raised tariffs on $34 billion worth of each other's goods and already said they are considering additional charges on another $16 billion.

It also includes consumer goods ranging from auto tires, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products. In Trump's first round of tariffs, China accounted for 20 percent of total USA imports, meaning that substitutes were readily available.

Senate Finance Committee chair Orrin Hatch (R-Utah) also took aim at the announced list, saying it "appears reckless and is not a targeted approach".

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.

Chinese retaliation: China has threatened to retaliate dollar-for-dollar if the Trump administration imposes a new round of tariffs.

"We have been very clear and detailed regarding the specific changes China should undertake", Lighthizer added.

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.

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

The news could "bring some negative emotion to financial markets in the short term, but over the long run, fundamentals of Chinese financial markets have not changed, and (investors) shouldn't over-value its impact", Guan Tao, former director of the global payments department at China's State Administration of Foreign Exchange (SAFE) was quoted as saying by the state-owned Xinhua news agency.

But China has rebuffed USA complaints and denied any harm was done to US companies, and instead retaliated "without any worldwide legal basis or justification", Lighthizer said.

The US is levying these tariffs because of what it describes as China's unfair trade practices, including forcing US companies operating in China to transfer technology to the Chinese.

She said the downside risk to growth mainly stemmed from trade tensions.

The escalation of US 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. "And the retaliation that will follow will destroy thousands of U.S.jobs and hurt farmers, local businesses and entire communities".

In Asia, the Shanghai Composite closed 1.8 per cent down, Hong Kong's Hang Seng was 1.3 per cent down, and Tokyo's Nikkei fell 1.2 per cent.

France's CAC 40 lost 1.1 percent to 5,376.49 and the FTSE 100 index of British shares dropped 1.4 percent to 7,588.34 in early trading.

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