Asia stocks slip, yen rises as United States raises stakes in trade conflict

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Some U.S. business groups and senior lawmakers sharply criticized the latest action on Tuesday, with Senate Finance Committee Chairman Orrin Hatch, a Republican, saying it "appears reckless and is not a targeted approach".

The new duties are "a reckless strategy that will boomerang back to harm USA families and workers", said David French, the National Retail Federation's senior vice president for government relations.

The president last month asked the U.S. Trade Representative's office to identify US$200 billion of Chinese goods that could be hit with 10 percent tariffs.

U.S. Trade Representative Robert Lighthizer on Tuesday evening unveiled a proposed list of more than 6,000 products to be hit with 10-per-cent import taxes.

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Any new tariffs would likely not be finalized until after August 30th.

But China has rebuffed United States complaints and denied any harm was done to USA companies, and instead retaliated "without any global legal basis or justification", Lighthizer said.

He told reporters: "The Trump administration lacks the savvy skill to impose tariffs in such a way that doesn't simply harm every single strategic trading partner from the European Union to China".

The United States had just imposed tariffs on Dollars 34 billion worth of Chinese goods on Friday, drawing immediate retaliatory duties from Beijing on USA imports in the first shots of a heated trade war.

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"We encourage companies to optimize the structure of imports, increase imports of soybean, agricultural products, as well as seafood and cars from other countries and regions", said the ministry, explaining that the measures are aimed at mitigating the effects of the trade war with the United States. "Reliance on more and more taxes as a means to drive change is a high-risk strategy with USA importers and exporters at the heart".

"In part because they have only limited ammunition and in part because it's still early in the process on the USA side", Kuijs said.

Beijing has vowed to respond in kind to any US trade action.

Beijing, meanwhile, has unveiled measures to help Chinese companies absorb the USA trade blows, pledging to funnel money collected from its own import levies to firms and workers tangled in the escalating trade war. "This new round of proposed tariffs takes the fight onto yet another level from which it is going to be hard for either side to make a graceful retreat", said Eswar Prasad, former head of the International Monetary Fund's China division.

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A senior administration official told Fox News that China has been "non-responsive" to US actions and has insisted that Beijing does not see any way America has been hurt by Chinese policies.

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