Trump targets $200bn China trade
Washington: The Trump administration has raised the stakes in its trade dispute with China, threatening 10 per cent tariffs on a list of $200-billion worth of Chinese imports, sending stocks lower and prompting Beijing to warn it would be forced to respond.
Indian markets on Wednesday bucked weak global trends as a good beginning to the results season perked up investor sentiment.
Investors fear an escalating trade war between the world's two biggest economies could hit global growth.
China accused the US of bullying and warned it would hit back. China's commerce ministry said on Wednesday that it was "shocked" and would complain to the World Trade Organisation, but did not immediately say how it would retaliate.
The $200 billion far exceeds the total value of goods China imports from the US, which means Beijing may need to think of creative ways to respond to such measures.
US officials issued a list of thousands of Chinese imports the Trump administration wants to hit with the new tariffs, including food products as well as tobacco, chemicals, coal, steel and aluminium, prompting criticism from some American industry groups. The list includes car tyres, furniture, wood products, handbags, suitcases, dog and cat food, baseball gloves, carpets, golf bags and toilet paper. Reuters and our business bureau