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Trump Announces New Taxes on TVs and Air Conditioners

12 July 2018

The Trump administration announced Tuesday it is preparing a new package of tariffs targeting Chinese exports valued around $200 billion, the latest escalation in the trade war with Beijing.

President Donald Trump has threatened to tax as much as $US550 billion in Chinese products - an amount that exceeds America's total imports from China a year ago.

The USTR will accept public comments on the latest round of tariffs and hold hearings August 20-23 before reaching a decision after August 31, according to a senior US official who briefed reporters on condition of anonymity.

In a statement USA trade representative Robert Lighthizer said these new additional tariffs are a result of "China's retaliation and failure to change its practices" after the first round of tariffs.

China formally responded to the latest USA move on Wednesday, with a Chinese Ministry of Commerce spokesperson calling it "unacceptable".

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China Daily said in an editorial that Beijing had to stand up to Washington.

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 President imposed steel and aluminum tariffs on these countries, and has threatened to hit them with levies on imported cars and trucks. The administration says its tariffs are created to punish China for what it calls unfair trade practices, theft of intellectual property, and "forced technology transfers".

The new list published on Tuesday targets many more consumer goods than those covered under the tariffs imposed last week, raising the direct threat to consumers and retail firms.

In an April Twitter post, Trump said this allowed China to "get tremendous perks and advantages, especially over the US".

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As a leading grain trader in these regions, Cofco could help to meet domestic demand, he said.

China can increase soybean imports from other countries to reduce its reliance on the United States, the boss of a state-owned grain trader said on Wednesday.

"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".

"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. US crude oil futures settled down 5 percent on the trade dispute escalation and as expectations of growing supplies increased on news that Libya would reopen ports. The tariffs could raise the price of everything from baseball gloves to handbags to digital cameras just voters are heading to the polls. "It will also result in retaliatory tariffs, further hurting American workers", a Chamber spokeswoman said.

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".

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Trump Announces New Taxes on TVs and Air Conditioners