Oil prices were also hit by the trade war concerns.
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Scott Lincicome, a trade lawyer for the group Republicans Fighting Tariffs, said tariffs on $200 billion would amount to a "multibillion-dollar tax on American businesses and families" and prompt China to retaliate against American exporters. "If the USA goes ahead with more, China needs a combination of tools and it is prudent to guard against downside risk to growth too".
In Beijing, Li Chenggang, assistant minister at China's Commerce Ministry, said that the latest U.S. proposals would hurt both countries and pointed to declines in Chinese export growth and overseas investment to the United States in the first half of this year. "The U.S. side ignored the progress, adopted unilateral and protectionist measures, and started the trade war".
LONDON - Global markets are getting hammered on Wednesday as the trade war between the Trump administration and China intensifies, while fears also rise that Trump could pull the U.S. out of North Atlantic Treaty Organisation.
The latest escalation in the trade dispute sent markets lower.
China's Commerce Ministry slammed the latest United States threat as a "totally unacceptable" escalation of their dispute and promised to protect its "core interests".
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".Читайте также: Zverev wins battle of Wimbledon's rising stars
Trump has campaigned on the claim that trade partners are taking advantage of Americans due to "terrible deals" made by previous USA presidents. Other high-profile items such as mobile phones have so far been spared.
"In light of China's decision to respond to the investigation by imposing duties on USA goods, the Trade Representative proposes a modification of the action taken in this investigation".
Chinese 10-year treasury futures for September delivery, the most-traded contract, gained 0.34 percent to 95.830.
US financial analysts said Trump appeared to believe there was a political benefit to waging a trade war, although that could change quickly amid economic fallout.
Although the looming elections provide an immediate concern for Trump, a trade war poses a more existential concern for Xi, whose Communist Party has built its legitimacy on economic success. Prominent academics and some government officials have begun to question if China's slowing, trade-dependent economy can withstand a sustained attack from Trump, which has already weighed heavily on stock prices.
Beijing on Wednesday vowed to take "countermeasures" after the announcement.
The U.S. Trade Representative announced the possible second round of tariff hikes on Tuesday targeting a $200 billion list of Chinese goods ranging from burglar alarms to mackerel.
Chinese tactics, the administration said, include outright cybertheft and forcing US companies to hand over technology in exchange for access to the Chinese market.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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