World News

Trump administration cuts grants that help consumers get ACA coverage

Trump administration cuts grants that help consumers get ACA coverage

A response from China would mean "moving from a trade conflict to a trade war between the two superpowers", analysts at Commerzbank said in a note Wednesday.

The abrupt escalation is "totally unacceptable", said a Commerce Ministry statement.

The Chinese foreign ministry said Washington's threats were "typical bullying" and described the dispute as a "fight between unilateralism and multilateralism".

He published a 200-page report(PDF) listing more than 6,000 items, including food products, minerals and consumer goods such as handbags, that the U.S. plans to hit with the extra tax. A public hearing is scheduled for August 20-23.

The list is subject to two months of finalization and input before possible implementation by President Donald Trump.

Beijing thus far has vowed to respond in kind to any USA trade action.

Senate Finance Committee chair Orrin Hatch (R-Utah) also took aim at the announced list, saying it "appears reckless and is not a targeted approach".

Trade Representative Robert Lighthizer on Tuesday released a list of thousands of additional goods that could face 10% tariffs after a public comment period.

"It is a chaotic time in global trade", said Li.

The National Association of Manufacturers also criticized the USA decision, saying this latest round of tariffs could undermine the economic gains from the administration's tax and regulatory reform policies. Imposing taxes on another US$200 billion worth of products will raise the costs of everyday goods for American families, farmers, ranchers, workers and job creators.

Goods to be targeted range from chemicals and construction materials to fabric and buttons to handbags and food products to boats and air conditioners - a sweeping inventory that would inflict economic pain across China's manufacturing sector while jacking up prices for USA businesses and consumers. Trump said in June that the United States would be willing to enact a fourth round of tariffs on goods worth $200 billion if China retaliated yet again.

One reason why Wall Street is anxious: The People's Republic, which bought $154 billion in US imports past year, is quickly running out of American products to hit with tariffs.

More news: Protests, pro-rallies planned across United Kingdom ahead of Trump's visit

The intensifying trade war between the world's biggest economies was also a drag on commodity markets.

"They continue to insist the problems we've identified are not real problems", a senior administration official said.

The price has plummeted because Canadian prices are set based on American ones.

The sector will "suffer a significant deterioration in export competitiveness to the United States compared to other emerging markets' manufacturing exporters, such as Vietnam, South Korea, Thailand, Bangladesh, Mexico and Brazil".

The prospect of a 10 percent tariff on Chinese furniture imports sent shares of online home store WayFair Inc down 2.9 percent, while shares of Restoration Hardware tumbled 4.3 percent.

Financial markets have so far shrugged off the first round of tariffs, which were long-telegraphed, with U.S. stocks up since Friday.

In China, Hong Kong's Hang Seng index dropped 2 percent, while the Shanghai Composite fell by 1.8 percent.

S&P 500 and Dow futures were down 0.8 percent and 0.95 percent, respectively, pointing to a lower open for Wall Street later in the day.

A rise in trade tensions after the USA released details of more planned tariffs against China helped send commodities and North American markets down Wednesday, while the loonie also slipped despite a rate hike by the Bank of Canada.

The move makes good on the president's threat to respond to China's retaliation for the initial us tariffs on $34 billion in Chinese goods, which went into effect on Friday and would eventually place almost half of all Chinese imports under tariffs.

The European Union Chamber of Commerce in China said this week its member companies are rearranging their trade shipments to ensure any bound for the United States don't pass through China.