More countries exempted from steel and aluminum tariffs

Asian shares slump on fears of trade war between U.S. and China

In a world where all economies are closely interdependent, and the USA move will also affect Germany and the European Union as a effect, Wansleben added.

"China has cheated, stolen and bullied American industry on trade for decades, causing massive economic wreckage to workers, employers and communities across America in the process".

In an interview Ciu Tianki - the communist state's' ambassador to the US - says the country won't be deterred from a trade war, even threatening to reduce imports from USA farmers over it's new restrictions.

U.S. President Donald Trump's plan to impose tariffs on up to US$60 billion of Chinese imports could help Canadian retailers by further easing cross-border shopping, even though a full-fledged trade war between the world's two economic superpowers would damage Canada's economy, experts say.

In retaliation, China said that it is considering raising tariffs on Dollars 3 billion worth of United States exports ranging from steel, aluminium and American pork among other goods. The USDA projected last month that USA farm income is expected to decline almost 7% this year.

"It's not clear what the Trump administration's bottom line is", said Scott Kennedy, the head of China studies at the Center for Strategic and International Studies in Washington. "I don't know what we are going to do". Foreign business groups complain Chinese regulators are trying to squeeze them out of promising industries.

Lighthizer told colleagues their careers will be judged by how they deal with China-related challenges. The timing, though, also appeared to be a warning shot against Trump's latest action on the trade front, on Thursday, when he took specific aim at a much wider range of Chinese products.

He said hog farmers are already struggling to make a profit, with prices below the break-even point, "and any more pressure against that is just going to hurt us that much more".

The Chinese picked U.S. farm exports because they would affect the largest number of people and make Trump unpopular ahead of a midterm election.

"There could be a possibility of a bounce back if, as this progresses, both sides look like they're negotiating", said Lisa Erickson, chief investment officer at US Bank Wealth Management. "With some 350,000 tonnes of steel sold to the U.S. previous year, 7% of our total exports, it is clear any tariffs would ultimately hit the sector hard", he added. China has so far left out measures against key US goods, such as soybeans, sorghum and Boeing Co. airplanes, a sign it is leaving itself room to escalate-or negotiate.

Stocks were sent sputtering by the prospective clash of economic giants, trade wonks muttered that the American salvo lacked a planned exit strategy and China vowed retaliation over the threatened 25 per cent US duty on high-tech products: "China would fight to the end ... with all necessary measures". The tariffs come as punishment for Beijing's intellectual property practices with many set to focus on technology China is accused of taking from USA companies.

Beijing said in a statement that "the United States disregards the fact that China is increasing protection on intellectual property, the rules of WTO, and voices from industry".

"China's direct exports to the US are not big".

Mr. Mei, the researcher affiliated with the Commerce Ministry, said that as the largest foreign holder of U.S. debt, China can also retaliate by selling its holdings of U.S. Treasurys. Trump gave U.S. Trade Representative Robert Lighthizer 15 days to release a target list, followed by a 30-day public comment period. Meanwhile, The Wall Street Journal today said China is to blame, and not Trump, if there happens to be a trade war between it and the US.

Instead, the Trump administration wants Chinese leaders to address more basic structural issues that interfere with market forces, said the official.

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