China appeals for USA calm after new tariff threat

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The move signals displeasure among Trump's own party over his protectionist actions, but chances of it becoming law are slim as Congress would likely need to override a presidential veto by Trump.

The tariffs would affect food, chemicals, steel and aluminum and consumer goods ranging from dog food, furniture and carpets to auto tires, bicycles, baseball gloves and beauty products.

It's the same story for liquefied natural gas (LNG), with only one US cargo booked for arrival in August, and it departed the Gulf of Mexico on July 1, before much of the current escalation in the trade dispute.

Word late on Tuesday that the Trump administration was poised to escalate a has been confirmed by the White House, with a spokeswoman saying that the president is "going to hold their feet to the fire".

Supply chains preparing for 10% tariffs on their imported goods from China will now have to create contingency plans for more than double that amount.

The GSO has however warned exporters and importers to be prepared for any eventuality given the ongoing trade war between the US and China.

Other US goods targeted by China also included semiconductors, some helicopters, small-to-mid-sized aircraft, condoms, beef, steel products and coffee.

Reacting to media that the higher tariffs were coming, Chinese foreign ministry spokesman Geng Shuang warned that Beijing will "definitely fight back" to defend its "lawful rights and interests".

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Wang Yi, the Chinese government's top diplomat, said US efforts to pressure China would be in vain, urging its trade policymakers to "calm down".

Representatives of U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He have been speaking privately as they seek to restart negotiations to defuse the budding trade war, Bloomberg reported, citing sources. And U.S. auto imports are under separate threat.

Geng said China's door to dialogue on the trade dispute is open, but that it had to be based on mutual respect and equality.

The higher tariffs, which would apply to some $200 billion in Chinese imports identified by the administration last month, represent an effort to get Beijing to address longstanding unfair trade practices, official say. Beijing retaliated with matching tariffs on the same amount of us exports to China.

China's Finance Ministry accused the Trump administration of damaging the global economy after the USA proposed increasing duties on $200 billion of Chinese goods in the second round of a dispute over technology. So far this year (through July 3), a basket of stocks compiled by Goldman Sachs representing companies that derive 100% of revenues in the U.S.is up 5%, compared with a 1% gain for firms with a preponderance of worldwide sales. "The cost increases will be passed on to customers, so it will affect most Americans' pocketbooks".

Trump originally proposed only a 10% tariff on the goods.

The USTR said it will extend a public comment period for the US$200 billion list to Sep 5 from Aug 30 due to the possible tariff rate rise.

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