Top lawmaker urges talks as Trump ramps up China trade war

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"Given China's likelihood of retaliation, it's also billions worth of new tariffs on American exporters". The Chinese government said the USA move was "totally unacceptable" and it is highly likely that a new retaliatory response will be prepared in Beijing, raising the potential harm to both countries' economies. The ministry did not offer more details, but Beijing had earlier threatened "comprehensive measures" if more tariffs were imposed. "The Chinese government as always will have no choice but to take the necessary countermeasures", it said. The S&P 500 index rose 0.3 percent to 2,793.84 on Tuesday, climbing to its highest level since February 1.

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

It seems that the USA is escalating the scale of this trade friction.

Also Monday, German automaker BMW AG said it would raise prices on USA -built SUVs exported China due to higher tariffs.

President Donald Trump has warned that the ready to target an additional $200 billion in Chinese imports - and then $300 billion more - if Beijing refuses to yield to US demands and continues to retaliate.

The US trade deficit in goods with China ballooned to a record $375.2 billion previous year, stoking his anger.

Man looks at the Pudong financial district of Shanghai Thomson Reuters SHANGHAI (Reuters) - Most U.S. businesses operating in China oppose the use of tariffs in retaliation for the challenges they face, from an uneven playing field to poor protection of intellectual property rights, a survey showed on Thursday.

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USA opened lower after a stretch of gains.

Market drops started in Asia overnight, with all of China and Hong Kong's share indexes losing more than 1%.

After months of threats and negotiations, the trade war between the United States and China officially launched on Friday with both countries imposingtit-for-tat tariffs.

Reacting to the Washington announcement, a senior trade official in Beijing accused the United States of "damaging the world economic order" and said tit-for-tat tariffs would "destroy" trade between the rival powers. Imposing taxes on another $200 billion worth of products will raise the costs of every day goods for American families, farmers, ranchers, workers, and job creators.

China's exports have mushroomed since it joined the World Trade Organization in 2001, making it the world's second-largest economy and prompting widening criticism in recent years from trading partners that it has unfairly used global trade rules to its advantage. The initial US tariff list focused on Chinese industrial products to help limit the impact on American consumers.

Indexes in Europe and Asia took steeper losses as investors anxious the worsening trade dispute will hurt the global economy. "Unfortunately, China has not changed its behaviour". During a visit to Germany this week by Chinese Premier Keqiang Li, the countries signed business deals worth more than $23 billion. That prompted fears Beijing, running out of imports for retaliation due to its lopsided trade balance with the US, might try to disrupt operations of American automakers, retailers and others that see China as a key market.