China trade war escalates with £16bn of new tariffs

A California vineyard which could be seriously affected if the trade war between the US and China deepens

President TrumpDonald John TrumpTrump praised White House defender who was sacked for sexual harassment: report Cohen's father said he didn't survive Holocaust to have his name "sullied" by Trump: report NYT: Trump after Cohen plea mused, 'How did we end up here?' MORE's threat to slap another $200 billion in tariffs on Chinese good could push up prices and cost USA consumers $6 billion, according to a new study by the National Retail Federation released Thursday.

The Trump administration has promised that these tariffs-which are legally and logistically separate from the tariffs on steel and aluminum imports-will force China to stop engaging in unfair trade practices and bring an end to the theft of American intellectual property.

Meanwhile, a Reuters poll of more than 100 economists shows that a lot of them expect economic growth to slow over the next two quarters as the boost created by last year's tax cuts fades and Americans begin to feel the costs of the tariffs.

This is the second salvo in the countries' trade war, after last month Washington imposed tariffs on 34 billion dollars' worth of Chinese goods, with Beijing retaliating with duties on the same amount of U.S. products.

A California vineyard which could be seriously affected if the trade war between the U.S. and China deepens. An NBC/Marist poll of Texas voters released this week shows that 40 percent believe tariffs will hurt the economy while only 31 percent say they will protect jobs.

And as China has vowed to retaliate further, Trump has threatened to target all $500 billion in goods the USA imports.

They have assumed a direct impact on China's economic growth this year of 0.1 to 0.3 percentage point, and somewhat less for the United States, but the impact will be bigger next year, along with collateral damage for other countries and companies tied to China's global supply chains.

"It will take time because China's done too well for too long, and they've become spoilt".

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Both nations started levying the previously announced taxes on US$16 billion of imports from the other country shortly after noon Beijing time. "Most of the impact of the trade restrictions on economic growth will be felt in 2019", and any additional tariffs would be a "material downside scenario", they wrote.

On Monday, Donald Trump told Reuters he did not "anticipate much" from the negotiations in Washington.

The Trump administration has proposed tariffs of at least 10 percent on $200 billion in Chinese imports and has said the tariffs might be as high as 25 percent. The list of US products this time includes oil products and coal for the first time, S&P Global Platts reports.

China has accused the U.S. of threatening free trade and on Thursday promised to file a new complaint at the World Trade Organization.

Beijing has denied United States allegations that it systematically forces the unfair transfer of USA technology, and has said that it adheres to World Trade Organisation rules.

Observers played down the prospect of a breakthrough in the talks between Wang and Malpass, saying they expected tensions to increase further, Hong Kong-based South China Morning Post reported. China has said it would respond with tariffs on another $60 billion of American goods in retaliation.

Adding to the $34 billion targeted in July, that brings the total two-way trade weighed down by the steep tariffs to $100 billion, and the United States now is considering hitting another $200 billion.

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