"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 worldwide trade, said in a statement.
"We can not turn a blind eye to China's mercantilist trade practices, but this action falls short of a strategy that will give the administration negotiating leverage with China while maintaining the long-term health and prosperity of the American economy", he said in a statement. It's unclear what that action could include.
Last week, Washington imposed 25 percent tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of USA exports to China.
Last week, Washington imposed 25 percent tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of United States exports to China.
The Aussie, considered a liquid proxy for China-related trades, fell 0.5 percent against the dollar to US$0.7418. The latest list hits items that USA households buy, including electric lamps, apple juice and fish sticks.More news: Rafa Benitez gives his verdict on England's World Cup hopes
"Rather than address our legitimate concerns, China has begun to retaliate against USA products", Lighthizer said in a statement.
China could also limit visits to the United States by Chinese tourists, a business state media said is worth $115 billion, or shed some of its U.S. Treasury holdings, Iris Pang, Greater China economist at ING in Hong Kong, wrote in a note. President Trump had warned China that if the country retaliated to those tariffs, he would impose additional ones; China did, quickly adding tariffs to more than 500 different American imports.
The president has openly mocked pushback from Capitol Hill, riffing last week about what happens when he moves to put tariffs on countries that have been "ripping us off for years".
Chinese tariffs have already taken a toll on USA 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.
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".
Senate Finance Committee Chairman Orrin Hatch, R-Utah, responded to Lighthizer's announcement with dismay.More news: Croatia vs. England, Semifinals
"It looks like the USA just took the scale of the trade frictions to another level", Li said at a forum in Beijing.
China's Commerce Ministry has vowed to retaliate to the countermove.
European stock markets are expected to follow Asia's lead, as economics warn that a trade war would cause serious economic harm. "China has not changed its behaviour - behaviour that puts the future of the USA economy at risk".
Administration officials said a two-month process would allow the public to comment on the proposed tariffs before the list is finalised.More news: England handed boost as Croatia rule out Vrsaljko
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