European exporters shift trade to avoid higher United States tariffs

Trump Announces New Taxes on TVs and Air Conditioners

On Friday the USA and China put 25% taxes on 34 billion dollars in imports.

This week the U.S. president announced new tariffs on $200 billion worth of Chinese goods, scheduled to come into effect in September.

Asked what Beijing would do, foreign ministry spokeswoman Hua Chunying gave no details but said, "We will take firm and forceful measures". It said Beijing would take unspecified "necessary countermeasures" to protect its "core interests". This marks a dramatic escalation in global tensions, causing stocks to slump and with S&P 500 futures headed for their biggest drop in two weeks.

The administration will hold hearings on the proposed list late next month.

The list of new tariff targets from the US Trade Representative includes vacuum cleaners, furniture, and auto and bicycle parts, but US-branded smartphones and laptops were excluded.

The survey, conducted between April 10 and May 10, reflects the mix of key concerns and realities for American businesses in China at a time of heightened uncertainty as the Trump administration raises the ante in its trade war with Beijing.

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The comments came after President Donald Trump's administration threatened fresh tariffs on another $200 billion in Chinese goods and Beijing vowed to retaliate, the latest salvo in the escalating tariff battle.

Using China's product list and the global harmonized system for identifying goods, we picked out the major USA products that will get slammed by the new tariff. In a statement, it called the USA actions "completely unacceptable".

It seems the guidance from Trump is to escalate the trade war, rather than negotiate an end to it.

The new list published on Tuesday targets many more consumer goods than those covered under the tariffs imposed last week, raising the direct threat to consumers and retail firms.

In financial markets, MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5 per cent, while the main indexes in Hong Kong and Shanghai fell more than two per cent.

China bought $130 billion of USA goods previous year.

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Senate Finance Committee Chairman Orrin Hatch, a senior member of Trump's Republican Party, said the announcement "appears reckless and is not a targeted approach".

The overall blow from Friday's tariff hikes to the world's second-largest economy should be limited, according to private sector analysts. "Authoritative sources of the world economic circles have said that the irrational behavior of the risky, hurts itself and others, and is discredited".

"China made great efforts and demonstrated utmost sincerity to stabilize trade relations with the U.S.", Wang said.

Holding on to the outdated zero-sum mentality and willfully launching the trade war not only undermines interests of the two parties directly involved, but also others in the global industrial chain, and there will be no victor, Hua said.

The survey showed that while US companies continue to face challenges in China, 34 percent of respondents felt Chinese government policies toward foreign companies had improved, up from 28 percent past year. During a visit to Germany this week by Chinese Premier Keqiang Li, the countries signed business deals worth more than $23 billion.

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