Latest Round of Proposed Chinese Tariffs Includes Flooring

Trump Announces New Taxes on TVs and Air Conditioners

China immediately responded with $34 billion worth of tariffs on American-made goods in retaliation.

Despite the president's threat, China implemented retaliatory tariffs on the USA shortly afterward.

Auto parts retailers, which would also be affected by the latest tariff threats the US lobbed at China, fell more steeply than the broader market.

"As in the past, the United States is willing to engage in efforts that could lead to a resolution of our concerns about China's unfair trade practices and to China opening its market to U.S. goods and services", he said. "And the retaliation that will follow will destroy thousands of U.S.jobs and hurt farmers, local businesses and entire communities".

The United States is already working on a second wave of tariffs on Chinese goods worth $16 billion. "As an industry that touches 96 percent of all manufactured goods and which has much to gain from a productive, respectful trading relationship with China, ACC and our members remain hopeful that the USA and China can resolve their differences and prevent further harm to US manufacturers, farmers, and consumers".

"The President has broken his promise to bring 'maximum pain on China, minimum pain on consumers, ' and American families are the ones being punished", Hun Quach, RILA VP of worldwide trade, said in a statement.

TESLA IN CHINA: Electric auto producer Tesla said late Tuesday that it will build its first factory outside the United States in Shanghai.

In an April Twitter post, Trump said this allowed China to "get tremendous perks and advantages, especially over the US".

"Sometimes our friends, when it comes to trade, are treating us worse than the enemies", Trump said at a press conference on June 29.

"Companies in both countries will suffer losses".




The policy is a top concern for U.S. officials. Rogers says that, "Before January 2017 all the imports came from China, including Hong Kong".

China's stocks slumped following news of the new tariffs after three days of gains, and the yuan weakened.

Metal prices also slumped after U.S. President Donald Trump's threat overnight of 10 percent tariffs on another $200 billion of Chinese goods dampened hopes that Washington will eventually step back from the escalating row.

"Judging from (China's) economic fundamentals and corporate earnings expectations, which are under pressure amid the trade war with the United States, the stock market is yet to reach a bottom", said Yan Kaiwen, an analyst with China Fortune Securities. "In order to safeguard the core interests of the country and the people, China will have to fight back as usual".

"Tonight's announcement appears reckless and is not a targeted approach", said Senate Finance Chair Orrin Hatch in a statement.

"This new round of proposed tariffs takes the fight onto yet another level from which it is going to be hard for either side to make a graceful retreat", said Eswar Prasad, former head of the International Monteary Fund's China division.

The National Retail Federation, an industry group, warned about the impact on prices from the new measures.

Even more tariffs could be on the way.

A senior administration official told Fox News that China has been "non-responsive" to US actions and has insisted that Beijing does not see any way America has been hurt by Chinese policies.

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