US lists US$200b in Chinese goods to be hit with tariffs

In Hong Kong and China where many suppliers to US retailing giants are based shares of companies in affected sectors fell. — Reuters pic

The tariffs could take effect after public consultations end on August 30, according to a statement from the U.S. Trade Representative's office Tuesday.

The U.S.is pursuing a new set of tariffs that would hit $200 billion in Chinese goods, according to senior administration officials.

The United States has made a decision to impose tariffs on $US200 billion ($279 billion) worth of imports from China after efforts to negotiate a solution to the trade dispute failed to reach an agreement, senior administration officials said on Tuesday. High-level talks between the two countries starting in May failed to deliver a breakthrough to head off a trade war. China responded with levies of its own, targeting $34 billion in USA products such as pork and whiskey.

President Donald Trump last month threatened additional tariffs against China if it retaliated.

The move drew immediate condemnation from Senate Finance Chairman Orrin Hatch, a Republican from Utah, who called it "reckless" and not "targeted".

Supreme Court nominee would shield Trump from Russian Federation probe: Democrats
Ed Markey spoke with 7News about Kavanaugh and said that "he will become a rubber stamp for a conservative, right-wing agenda". As of Tuesday, only one Senate Democrat up for re-election in a state that Trump won has announced that he's a no vote: Sen.

A ship carrying US soybeans took off for China last week just before the Asian country's retaliatory tariffs went into effect.

The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years.

The U.S. imposed an initial round of 25% tariffs, applying to $34 billion in imports, as part of a $50 billion tariff plan.

China will reimburse the buyer for the cost of the 25 percent tariff on soybean imports from the US if the cargoes are for state reserves, Bloomberg reported earlier citing people familiar with the matter.

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