Canada 'caught in the crossfire' of US-China trade dispute

Shipping containers are seen at a port in Shanghai

He directed Lighthizer to identify $200 billion in Chinese goods for tariffs if China retaliated against United States penalties that are meant to punish the country for intellectual property theft. That came four days after Washington added 25 per cent duties on $34 billion of Chinese goods and Beijing responded by increasing its own taxes on the same amount of American imports.

South Korea's Kospi lost 1 percent and Japan's Nikkei fell 1.2 percent. The Trump administration has tried to limit the impact of the trade war on consumers and any backlash that it might prompt, but the scale of these tariffs make it next to impossible to protect them. "The steel tariffs alone could increase the cost of a 280-mile pipeline by as much as $76 million", Gerard, Dooley, and Hamberger said.

The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years.

China's compliance with WTO guidelines lies at the heart of the conflict, notably over Beijing's alleged state support for purportedly private companies.

In a report submitted ahead of the three-day review, China insisted it had "been a strong advocate for free trade" since joining the WTO in 2001 and "comprehensively fulfilled its commitments".

The country's Commerce Ministry earlier threatened "comprehensive measures", which were feared to include harassing American companies in China.

In this Thursday, July, 5, 2018 photo, a post-Panamax crane loads a 40-foot shipping container onto a container ship at the Port of Savannah in Savannah, Ga.

Also pressuring the market Wednesday, the S&P 500 energy index fell 2.2 percent, leading sector declines.

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England scored nine goals from set pieces at this tournament, the most by any team in a single World Cup tournament since 1966. Kieran Trippier curled home a fifth minute free-kick that would have made his idol David Beckham proud.

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Oliver Jones from Capital Economics has warned that China's response to Trump's latest tariff threat could hit the United States stock market hard. However, China has vowed to match every tariff tit-for-tat, and will likely follow through. The official added that China has warned the US that future actions would be met with "economic attacks" on American markets.

She said the downside risk to growth mainly stemmed from trade tensions.

Last week, China and the USA imposed another round of tariffs on each other, and the USA said on Tuesday that it could impose tariffs on an additional US$200 billion worth of Chinese imports.

But it could interfere with American automakers and retailers who see China as a key market by regulating import licenses or investigating USA firms for tax, environmental, and antitrust concerns, according to the Associated Press.

The onshore yuan tracked its offshore counterpart lower with traders closely watching the key 6.7 per dollar level as pressure mounted on the currency.

Thousands of Chinese imports are under threat in the newly suggested tariffs, including hundreds of food products as well as auto tires, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products.

US crude fell 2.32 percent to $72.39 per barrel and Brent was last at $76.34, down 3.2 percent on the day.

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