China vows to fight back as the trade war escalates

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The United States has made a decision to impose tariffs on $200 billion worth of imports from China after efforts to negotiate a solution to the trade dispute failed to reach an agreement, senior administration officials said on Tuesday.

Beijing's Commerce Ministry called the new tariff list "totally unacceptable" and says China would impose countermeasures and file a lawsuit at the World Trade Organisation.

USA officials released a list of thousands of Chinese imports the administration wants to hit with the tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminum. It said, "the Chinese government will be forced to impose necessary countermeasures" to protect its "core interests". "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".

Also pressuring the market Wednesday, the S&P 500 energy index fell 2.2 percent, leading sector declines. That's why Trump can slap tariffs on them just because he feels like it.

It also includes consumer goods ranging from auto tyres, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products.

"For many years, China has pursued abusive trading practices with regard to intellectual property and innovation", Mr. Lighthizer said in a statement Tuesday. That would leave China only $80 billion for further retaliation.

On Friday, the USA imposed 25-percent tariffs on around $ 34 billion in Chinese goods, sparking an immediate dollar-for-dollar retaliation from Beijing.

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The U.S.policy "actually interferes with the process of economic globalisation" and "damages the world economic order", charged Mr. Li. "Cooperation is the only correct choice between China and the United States".

Senate Finance Committee Chairman Orrin Hatch, a senior member of Trump's Republican Party, said the announcement "appears reckless and is not a targeted approach". "It has to resolutely fight back while taking proper measures to help minimise the cost to domestic enterprises and further open up its economy to global investors", it said.

The move marked the latest escalation of the ongoing trade war between Washington and Beijing.

On Wednesday, China's main stock index lost 1.8 percent and Japan's market benchmark fell 1.1 percent.

Accusing China of not negotiating "seriously" on trade, the Trump administration has released a list of products it wants to impose a ten percent tariff on, amounting to $200 billion.

The public will have a chance to comment on the list before the new tariffs - to be imposed at 10% -come into effect.

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