Stocks, metals hit by new U.S.-China trade war salvo

European exporters shift trade to avoid higher US tariffs

Washington on Tuesday announced it was starting the process to slap 10 per cent tariffs on another Dollars 200 billion in Chinese export goods as soon as September. 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.

If China responds with tariffs on energy, this could cut sales of US energy goods, analysts and executives told Reuters last month, when Beijing first threatened to slap tariffs on usa energy.

Global stocks tumbled Wednesday after Beijing hit back at US plans for tariffs on $200 billion more Chinese exports, as tensions rose over the trade war between the world's two largest economies. A hearing is slated for August 20-23.

For the full list, see the 205-page document.

In his statement, Lighthizer claimed that the United States has specially targeted those Chinese products that "benefit from China's industrial policy and forced technology transfer practices", and China's retaliation - from Washington's perspective - was "without any worldwide legal basis or justification".

Faced with USTR's latest announcement, China was "shocked".

Beijing has said it would hit back against Washington's escalating tariff measures, including through "qualitative measures", a threat that us businesses in China fear could mean anything from stepped-up inspections to delays in investment approvals and even consumer boycotts.

In its policy agenda released in January, the USA trade office said the WTO needed to change its "self-declare" policy for developing nations to stop major economies like China and India from getting the preferential treatment that should be reserved for the world's poorest nations.

All told, Trump has threatened eventually to slap tariffs on up to $550 billion in Chinese imports - more than China actually exported to the United States a year ago - if Beijing won't relent to US pressure and continues to retaliate. These tactics include the outright theft of trade secrets, government subsidies to homegrown tech firms and demands that US and other foreign companies hand over technology if they want access to China's vast market.

China has repeatedly denied accusations by the Trump administration of unfair trade policies.

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"China seems to have no interest in bending and they will retaliate".

The United States complained China used predatory practices in a push to challenge American technological dominance.

This has raised concerns that China could retaliate with non-tariff trade measures.

On Friday, China accused Trump of trade bullying and setting off a chain of possible adverse effects for USA consumers, as well as those overseas.

The round of tariffs that went into effect last Friday mainly applied to raw materials imported by American companies.

"This is where a painful situation gets more painful", said Phil Levy, a former White House economist in the George W. Bush administration.

The country's Commerce Ministry earlier threatened "comprehensive measures", which were feared to include harassing American companies in China.

Global markets in turmoil as Trump intensifies trade war once again.

The move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted".

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