Trump threatens new round of $200bn tariffs on Chinese goods

Markets drop over trade war fears

The statement said that Trump asked the United States trade representative to determine $200 billion worth of Chinese goods that could be targeted by the 10 percent tariff.

In a separate statement, Lighthizer said that he supported Trump's action and that his agency "is preparing the proposed tariffs to offset China's action". "It's time, folks. It's time", Trump said.

In this file photo, shipping containers are stacked in the Kwai Tsing Terminals in Hong Kong, China, Aug. 28, 2013.

A trade spat between the top two economies of the world began in April with Trump imposing tariffs on steel and aluminium imports into the USA from China, which also retaliated by imposing additional tariffs worth about United States dollars three billion on 128 U.S. products.

Ford Motor is already facing delays at Chinese ports, according to Reuters.

Trump has said he has an excellent relationship with Chinese President Xi Jinping, but has also said "the United States will no longer be taken advantage of on trade by China and other countries in the world".

The United States has now imposed tariffs on up to $450bn in Chinese goods, out of a total of $500bn.

Trump claimed that because of Canada's high tariffs, Canadians were coming into the USA and "smuggling things back" to avoid the duties.

"Chinese leaders over these past few weeks have been claiming openness and globalisation, but it's a joke". But last week, Trump unveiled a revised list that included several categories of chips, raising fears that tariffs could impact the U.S. technology sector.

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Navarro said USA officials planned to cushion against the blows to American industries and workers in the United States and present in China but declined to elaborate on any plans to help the U.S. farming sector.

The plunge was reportedly triggered by an ongoing trade conflict between Washington and Beijing, in which the U.S. administration has taken an aggressive stance towards Chinese trade policies.

Beijing also drew up a second list of $16 billion in chemical and energy products to hit with new tariffs, though it did not announce a date for imposing them.

However, business expert Derek Scissors of the American Enterprise Institute says the US could gain from the dispute.

"As I've said from the beginning, China will back off its industrial plans only when U.S. trade measures are large and lasting enough to threaten the influx of foreign exchange".

China is retaliating by raising import duties on $34 billion worth of American goods.

China's Commerce Ministry lambasted Trump's new tariff threat, saying it violated prior negotiations between the two countries.

China might be unable to match the USA tariffs because it imports much less from the United States - $130 billion in goods a year ago, compared with Chinese exports to the United States of $505.5 billion.

And as Mr Trump increases the range of goods subject to tariffs it becomes harder for American importers and consumers to avoid the cost by finding alternative suppliers. That would bring the total number of Chinese goods subject to tax to $450 billion, nearly 90 percent of all the goods the USA imported from that country past year. We appreciate it. They fought World War I with us, and we appreciate it, ' he said, 'but we're protecting each other'.

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