China vows retaliation for latest $200bn U.S. tariff threat

European exporters shift trade to avoid higher US tariffs

What Is the Endgame for the Trump Trade Wars?

The White House moved forward with an announcement of $200 billion in additional tariffs targeting Chinese goods on Tuesday, which a senior USA official told reporters was roughly equal to all Chinese exports to the United States.

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

Robert Holleyman, the US official in charge of trade with Asia during former president Barack Obama's second term, described the tariffs as "tax hikes on USA imports". That came four days after Washington added 25 per cent duties on $34 billion of Chinese goods and Beijing responded by increasing its own taxes on the same amount of American imports.

"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", Hatch said in a statement.

US President Donald Trump has now ordered the imposition of a fresh round of tariffs, US Trade Representative Robert Lighthizer revealed.

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

This most recent maneuver follows a threat President Trump made last month, and comes days after the USA and China imposed tit-for-tat tariffs on more than $30 billion in goods.

China's Commerce Ministry has vowed to retaliate to the countermove.

It also said that China would have to respond to the U.S. actions.

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US Senate Finance Committe chairman Orrin Hatch labelled the move as "reckless", while the US retail industry leaders assocation immediately condemned the move, saying the "the President has broken his promise". "China is shocked by the irrational movement of the US".

The more it turns up the heat therefore, the more likely the tariffs get implemented as just like the 25 per cent levies on $34 billion of Chinese and USA imports triggered on Friday.

"The behavior of the U.S. is hurting China, hurting the world, and hurting itself", it said.

The US administration late on Tuesday released a huge list of new tariffs on $US200 billion worth of goods from China.

Global markets are rattled this morning after America escalated the deepening trade war between the two countries.

Stock markets in Asia fell sharply during early trading on Wednesday amid the escalating trade tension between the two economic giants. They criticize Trump's tactics but share United States complaints about Beijing's industrial policies.

Calling Washington's behavior irrational, Beijing warned that the U.S. is, in the first instance, hurting itself with protectionist measures and constant attacks on free trade.

The MSCI index of Asia-Pacific shares outside Japan fell 1.1 %, while Japan's Nikkei dropped by 1.1%.

The Retail Industry Leaders Association, a lobby group representing the largest U.S. retailers, said: "The president has broken his promise to bring 'maximum pain on China, minimum pain on consumers'".

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