Stocks, oil prices slide on trade war worries

Trump Announces New Taxes on TVs and Air Conditioners

That came four days after Washington added 25 percent duties on $34 billion worth of Chinese goods and Beijing responded by increasing taxes on the same amount of American imports.

Lighthizer said the initial $50 billion in us tariffs were aimed at goods that "benefit from China's industrial policy and forced technology transfer practices".

The U.S. Trade Representative announced Tuesday a possible second round of tariff hikes targeting a $200 billion USA list of Chinese goods ranging from burglar alarms to mackerel.

Investors were wary of China response to the latest US tariff threat, as the country's assistant commerce minister said the proposed USA duties harm the World Trade Organization system and globalisation. Hearings on the proposed measures are scheduled to take place in late August.

For the full list, see the 205-page document.

The new list would mark the latest escalation of the trade war between the world's two biggest economies.

"It is totally unacceptable for American side to publish a tariff list in a way that is accelerating and escalating", said a Commerce Ministry statement.

Republican senators expressed concern over the escalation of USA tariffs.

Li Chenggang, assistant minister of commerce, told a forum in Beijing on Wednesday that large-scale tit-for-tat tariffs would "inevitably destroy" China-US trade, and America's actions would "damage the global economic order".

Sweet 16 for Roger Federer at Wimbledon
The 32-year-old also became the first South African man into the last eight at the All England Club since Wayne Ferreira in 1994. Kevin Anderson advanced to his first Wimbledon quarterfinal after edging Gael Monfils , 7-6 (7-4), 7-6 (7-2), 5-7, 7-6 (7-4).

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", Trump said in June.

Announcing proposals for the new tariffs, US Trade Representative Robert Lighthizer said: "For over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition".

He also said China should be ready for the outbreak of a full-blown trade war, warning that a deal would only be reached after several rounds of trade sanctions and negotiations.

The Mizuho expert said that omission might reflect the US intention to attack the "Made in China 2025" program - a strategic plan to make China a leader in key global industries.

US crude oil exports to China averaged 330,000 bpd between January and April this year, with February sales to China beating even exports to Canada, according to the EIA.

Grassley said the Trump administration tariff fight has "a very detrimental effect on current markets" and that the impact is rippling through other industries in his state beyond agriculture. China's yuan meanwhile dropped 0.45 per cent against the dollar to move back towards an 11-month low plumbed last week. Investors fear that a falling yuan could add to fuel costs and the debt-servicing load of companies with dollar-denominated debts.

Senate Finance Committee Chairman Orrin Hatch, a senior member of Trump's Republican Party, said the announcement "appears reckless and is not a targeted approach".

A leaked propaganda document earlier this year issued similar directives, telling media not to "attack Trump's vulgarity; don't make this a war of insults".

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