KXIP vs KKR Live Score

Pushing the greenback past 112 yen "would suggest the market is bullish on the dollar irrespective of the trade war", said Boris Schlossberg, managing director of FX strategy at BK Asset Management.

"That $200 billion worth of goods subject to tariffs represents less than 1 percent of [gross domestic product], and the 10 percent tariff on those goods less than a tenth of percent", Atkinson says.

This second round of tariffs won't hit right away; they require a two-month review process with hearings in late August.

The products include various food items, chemicals, minerals, tobacco, electronics and office goods.

The latest round of import taxes on Chinese goods has a two month public commentary period and the USA administration is being open about the fact that they expect China to discuss the move leading one to wonder if it will actually be imposed.

"China is shocked at the U.S. action", the Commerce Ministry said in a statement on its website Wednesday.

"While the trade conflict between the USA and China has had a limited impact so far, we can't rule out the possibility of a slowdown in the Chinese economy and a contraction in world trade should conflict grow and spread into the global market", Finance Minister Kim Dong-yeon said at a government meeting. "It is totally unacceptable for American side to publish a tat in a way that is accelerating and escalating", the Chinese Commerce Ministry said in a statement, adding that the Chinese government "will be forced" to respond with "necessary countermeasures" to protect its "core interests".

The Shanghai Composite and the Shenzhen Component opened 1.7% and 2.5% lower on Wednesday following the news.

Trump goes ahead with tariffs on $250 billion worth of imported Chinese goods, the hit to U.S. growth would be around 0.3 to 0.4 percentage point and for China it could mean a drag of 0.3 percentage point, according to Morgan Stanley.

The new list products would be assessed at 10 per cent if Beijing insists on the retaliatory tariffs announced in June.

Some US business groups and senior lawmakers were quick to criticise the move. "As an industry that touches 96 percent of all manufactured goods and which has much to gain from a productive, respectful trading relationship with China, ACC and our members remain hopeful that the US and China can resolve their differences and prevent further harm to USA manufacturers, farmers, and consumers".

Senate Finance Committee Chairman Orrin Hatch, R-Utah, responded to Lighthizer's announcement with dismay. Until January 2017, Ivanka's products were made in factories based in China and Hong Kong; around the time of Trump's inauguration, they appeared to make a well-timed exit and moved to other foreign factories, such as those in Indonesia, Vietnam, and South Korea.

"Tariffs are taxes, plain and simple". But with only $130 billion in goods coming in from America, the Chinese wouldn't even be able to match the $200 billion figure, much less anything above that.

Both the yen and the dollar are favored as safe-haven investments, but the strength of the greenback suggests investor faith in the US economy rather than a bid for safety.

However, in a statement this morning the Chinese ministry of commerce hit back, saying: "China is shocked by United States behaviour".