The U.S. will start imposing new levies on $34 billion in Chinese goods on July 6, with $16 billion to come later and then up to $400 billion more; China vows immediate tariffs on soybeans and other agricultural products. The US has imposed tariffs on Canada, Mexico and £25bn in Chinese goods. More than a third of that number comes from almonds, as India is the world's biggest buyer of USA -grown almonds.

Cecilia Malmstrom, the EU's trade commissioner, acknowledged that the European Union had targeted some iconic American imports for tariffs, like Harley-Davidson motorcycles and bourbon, to "make noise" and put pressure on USA leaders. Trump has erroneously called out India for its "100 percent" tariffs on Harleys; in fact India lowered its tariffs on high-end motorcycles from a range of 60-70 percent to 50 percent. The import duty on chickpeas and bengal gram, or chana, has been increased to 70 per cent and will take effect from 4th August.

Even before Mr Trump's latest threat, some United States companies in China were feeling the pressure. -China trade was $635 billion - but that the gesture had important symbolism and could forecast further strain between the two friendly democracies at time when its diplomats are working to deepen military ties. Oxford Economics said the consequences could be much greater if Trump imposed tariffs on cars, which leaders from both American and European auto manufacturers have said would lead to net job losses in the US.


The initial wave of European Union retaliatory tariffs is aimed at American goods worth €2.8 billion ($3.2 billion). The United States' trade deficit with China a year ago was $376 billion, by comparison.

India raised tariffs on a slew of items in retaliation for the U.S. imposing higher levies on some products shipped from the South Asian nation, echoing steps taken by China, the European Union and other trading partners.

"They're screaming and yelling - they've been spoiled for many, many years, and that game is over", Ross told Bloomberg Television.


Together the trade battles have raised the spectre of a global trade war, spooking financial markets that fear major consequences to the world economy.

Economists and trade analysts worry that there may be no way out of an all-out trade war between the United States and its most vital trading partners.

"The woes the administration is inflicting on Chinese companies do not simply translate into boons for USA enterprises and the U.S. economy", the state newspaper said in an editorial headlined "Protectionism symptom of paranoid delusions".


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