Published: Wed, July 11, 2018
Markets | By Otis Pena

U.S. Poised to Publish $200 Billion China Tariff List

U.S. Poised to Publish $200 Billion China Tariff List

"We encourage companies to optimize the structure of imports, increase imports of soybean, agricultural products, as well as seafood and cars from other countries and regions", said the ministry, explaining that the measures are aimed at mitigating the effects of the trade war with the United States.

The office will hear public comments on the plan and will reach a decision after August 31, according to a senior administration official who briefed reporters on condition of anonymity.

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.

The Trump administration has released a gargantuan list of Chinese goods that will be subject to tariffs, kicking a burgeoning trade war into high gear. Another source who is familiar with the situation confirmed the Bloomberg report to Reuters.

The Trump administration's 25 percent tariffs on medical equipment, electronics and other goods from China apply to exports made by US or European companies as well as Chinese suppliers.

The Trump administration on July 6 imposed 25 percent duties on $34 billion in Chinese imports, the first time the president has implemented tariffs directly on Beijing after threatening to do so for months.

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Trump has been considering tariffs against China since his officials concluded in March that Beijing violates USA intellectual-property rights, such as by forcing American firms to hand over technology.

"Rather than address our legitimate concerns, China has begun to retaliate against US products".

Some US business groups and senior politicians sharply criticized the latest action, with Senate Finance Committee Chairman Orrin Hatch, a Republican, saying it "appears reckless and is not a targeted approach".

The Retail Industry Leaders Association, a lobby group representing the largest USA retailers, said: "The president has broken his promise to bring maximum pain on China, minimum pain on consumers". "It will also result in retaliatory tariffs, further hurting American workers", a Chamber spokeswoman said.

"American families are the ones being punished".

Stock futures fell and yields on 10-year Treasuries declined on concern of a widening trade war.

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