The Trump administration upped the ante in its trade war with China Tuesday (July 10) saying it's prepared to slap tariffs on an extra $200 billion of Chinese imports. U.S. officials put out a hit list of thousands of items. They include food and commodities like steel and coal but it also lists many everyday consumer goods: car tires, dog and cat food, and beauty products. This latest threat follows the first real round of tariffs fired back and forth last week, $34 billion dollars on Chinese goods which Beijing then matched on imports from the U.S. After the new list was released U.S. Trade Representative Robert Lighthizer said he's still open to talks with Beijing but that, quote "Rather than address our legitimate concerns, China has begun to retaliate against U.S. products. There is no justification for such action." The U.S. threat sent Asian stocks lower on Wednesday (July 11). After two days of gains, analysts say trade worries are back. Japan's Nikkei and indices in Shanghai and Hong Kong all fell by around 1.5 percent. U.S. futures were also down, pointing to a lower open for Wall Street. President Donald Trump has said in the end he may slap tariffs on more than $500 billion dollars worth of goods from China. For now Tuesday's list has raised the direct threat to consumers in the U.S., and higher prices on store shelves may spark a reaction. Some business groups and senior lawmakers quickly criticized the news. Senate Finance Committee Chairman and Republican, Orrin Hatch, says it 'appears reckless and is not a targeted approach.' U.S. officials say these tariffs won't take effect for at least two months, giving businesses that deal in the goods time to comment and giving the two sides time for a new round of talks. Hours after the announcement, China's Commerce Ministry said the new list would harm the World Trade Organization system and the only correct choice for U.S.-China relations was cooperation. Earlier, a Chinese state media editorial said Beijing had to stand up to Washington, saying quote "China has no option but to fight fire with fire."
China and the EU have joined a group of countries asking the World Trade Organization to investigate the Trump administration's decision to impose metals tariffs on national security grounds, creating a new front in a trade war that has shaken global markets. David Stringer reports on "Bloomberg Markets: Asia."
Chinese Premier Li Keqiang meets the leaders of the World Bank, IMF and World Trade Organisation amid signs of a thaw in the U.S.-China trade relations. As David Pollard reports, trade tensions were also giving rise to nervous talk among the biggest players of global aviation at the China's industry showcase, Airshow China.
English stayer Cross Counter, ridden by Kerrin McEvoy, gave Dubai-based Godolphin stable its first Melbourne Cup with victory in Australia's largest and most prestigious horse race on Tuesday. The race was marred when the Aidan O'Brien-trained The Cliffsofmoher broke down at the winning post the first time around, breaking its right shoulder - The horse was euthanised after the race at Flemington. The Cliffsofmoher was an Irish horse ridden by English jockey Ryan Moore. Cross Counter, a four-year-old bay gelding trained by Charlie Appleby and based at Newmarket, England, was quoted early at 10 to 1. It was only Cross Counter's eighth start, but he had missed a top-two finish only once. Marmelo was second and A Prince of Arran two lengths behind in third. An English-trained horse had never won the Melbourne Cup, but Tuesday's result gave England a 1-2-3 finish. The winner stormed down from the outside in the final several hundred meters for a length victory - Cross Counter was third-last on the first turn During the trophy presentation, rain which had affected the lead-up to the race again started to fall at Flemington. It was the 158th running of the 3,200-meter (two-mile) race and had a purse of 7.3 million Australian dollars ($5.3 million). The forecasted rain arrived early on the day of the Cup, with more than 50 millimeters (2 inches) falling in the hours leading up to the race. Another Aidan O'Brien horse, Yucatan, had gone off as early favourite, but finished 11th. Magic Circle, a stayer which had won its last two starts by a combined margin of 12 lengths, was well-backed at 9-1 but finished 16th in the 24-horse field. Japan-based Chestnut Coat, trained by Yoshito Yahagi, was 14th.
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