Trump administration announces $US200 billion in extra China tariffs

Dealing rooms were in sombre mood early

That's according to a team of American economists from UBS, who noted the new list has been structured to allow for faster implementation. Or is it that the original tariffs were related to national security, and these are retaliatory tariffs intended only to retaliate against the original retaliatory Chinese tariffs-and thus don't need any particular justification?

Senate Finance Committee Chairman Orrin Hatch, R-Utah, responded to Lighthizer's announcement with dismay.

President Donald Trump has threatened to tax as much as $550 billion in Chinese products - an amount that exceeds America's total imports from China past year.

The United States had just imposed tariffs on US$34 billion worth of Chinese goods on Friday, firing the first shots of a trade war.

"It looks like the USA just took the scale of the trade frictions to another level", Li said at a forum in Beijing.

"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 USA goods and services", he said.

Robert Holleyman, the USA official in charge of trade with Asia during former president Barack Obama's second term, described the tariffs as "tax hikes on US imports". "We believe the USA measures interfere with economic globalization and damage the world economic order".

The White House has complained that China has used predatory practices in a relentless push to grant Chinese companies an unfair advantage in the industries of the future, including robotics, electric cars and biopharmaceuticals.

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On Monday, Chinese and German companies including BASF and Volkswagen signed business deals worth 20 billion euros ($23.6 billion) during a visit to Berlin by China's No. 2 leader, Premier Li Keqiang.

The additional 6,031 product lines would be hit with a 10 percent tariff.

"Trump's escalation of trade hostilities makes it increasingly hard to envision an exit path from an all-out trade war".

According to the Ministry of Commerce, China considered the substitution of imports and the overall impact on trade and investment while making up a list of United States goods hit by import duties.

"China has no option but to fight fire with fire".

"For companies that are severely impacted, we suggest they report to local government departments", the Commerce Ministry said in a statement Monday. "Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters".

The Washington Post's Danielle Paquette reported from Beijing.

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