If the USA goes ahead with the new $200 billion tariffs, they are more likely to be directly felt by individuals than the previous round.
Last year, the United States bought a little over $505 billion worth of Chinese goods.
Trump's proposed new tariffs would amount to the latest round of punitive steps in an escalating dispute between the world's two largest economies. That would leave less than $100 billion in USA goods to subject to a tariff hike, far short of the $200 billion Trump is threatening.
Mr Trump said in a statement that he had asked the U.S. trade representative to identify the Chinese products to be subject to the new tariffs. Chinese authorities also pledged to add another 114 product categories to the existing list. "Because the United States does a very good job, I believe, in following the WTO regulations, the World Trade Organization".
Beijing has offered to narrow its politically volatile trade surplus with the United States but has resisted changing technology development tactics its leaders see as a path to prosperity and to restoring China's rightful role as a global leader. During the 2016 election campaign, he had promised to use tariffs to cut the United States trade deficits.
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China's Commerce Ministry lambasted Trump's new tariff threat, saying it violated prior negotiations between the two countries.
But last week, Trump unveiled a revised list that included several categories of chips, raising fears that tariffs could impact the USA technology sector.
Among the day's losers, the yuan weakened to 6.4948 to the dollar in the offshore market CNH=D3, the lowest in five months, before easing to 6.4800 in late USA trading.
In response, the Chinese government called the decision an "act of extreme pressure and blackmail" and said Trump had effectively kicked off a trade war.
And Beijing says it would impose tariffs on $16 billion more if the United States does so, too.
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Late Monday Trump threatened to hit another $200 billion worth of Chinese products with tariffs. "It is very unfortunate that instead of eliminating these unfair trading practices, China said that it intends to impose unjustified tariffs targeting US workers, farmers, ranchers and businesses".
Also caught in the crossfire was Chinese telecoms company ZTE Corp, whose rescue by Trump in a deal with Chinese President Xi Jinping appeared in doubt after a U.S. Senate vote on Monday. Last week he threatened 25 percent tariffs on $50 billion in Chinese products with another $100 billion targeted beyond that.
Since June 1, steel and aluminium imports from the European Union, Canada and Mexico have been hit with tariffs of 25 per cent and 10 per cent, respectively.
If Trump carries through on all his trade threats, the result would be higher costs on virtually all the goods that the United States imports from China.
For that to happen though, it is important that the iPhone be allowed to cross the USA and China borders unfettered by tariffs.
Even as the USA trade conflict with China deepens, Trump has raised trade tensions on other fronts.
Dollar and stocks drop as Trump hits China with tariffs
West Texas Intermediate (WTI) crude oil futures were up 0.2 per cent at US$67.02 per barrel, while Brent was at US$76.02. Mr Draghi made the announcement at a news conference following the bank's meeting to discuss eurozone monetary policy.