Vietnam takes steps to avoid trade war crossfire

The U.S. and China appear close to a deal that would roll back tariffs on at least $200 billion worth of Chinese goods and Beijing would eliminate retaliatory tariffs on U.S. goods.

China said on Tuesday it has no choice but to retaliate against new U.S. trade tariffs, risking even stronger action from President Donald Trump. 

Asian shares fell and copper prices eased on Tuesday after Washington announced new tariffs on Chinese imports.

U.S. President Donald Trump escalated his trade war with China on Monday, imposing 10 percent tariffs on $200 billion worth of Chinese imports.

The U.S. will impose 25 percent tariffs on another $16 billion in Chinese goods on Aug. 23, its Trade Representative’s office said Tuesday. 

China is expected to retaliate as soon as the U.S. tariffs go into effect.

China’s threatened tariffs on $34 billion of U.S. goods would take effect from the beginning of the day on Friday.

The move would be in retaliation for China’s decision to raise tariffs on $50 billion in U.S. goods.

The US goods deficit with China was $375 billion last year.

China has imposed the tariffs amid escalating trade tension between Beijing and Washington.

China's Ministry of Commerce released a list of goods banned for export to North Korea on Tuesday, saying the items could be used to build weapons of mass destruction.