According to investors, the escalating trade war between Washington and Beijing can hit global growth and several United States business groups criticised Trump's aggressive tariffs.
"The president is going to continue to hold China responsible for their unfair trade practices", said White House press secretary Sarah Huckabee Sanders.
Donald Trump might be about to heat up his trade spat with Beijing. "If the United States takes further escalatory steps, China will inevitably take countermeasures and we will resolutely protect our legitimate rights", Chinese Foreign Ministry spokesman Geng Shuang told a regular news briefing.
The risk of a trade war between the United States of America and China has grabbed markets' attention recently, fuelled by headlines; Twitter quotes from Donald Trump and also because of the threat of retaliatory action from China. Trump has shown a willingness to try to isolate countries like Canada and China that he believes aren't quickly offering the types of concessions he has demanded.
China is trying to seek an "equal" position in future talks with the U.S. with today's retaliation announcement, said Gai Xinzhe, analyst at the Bank of China's Institute of International Finance in Beijing.
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The US and China implemented tariffs on $46 billion worth of each others' goods in July.
The Trump administration is considering more than doubling its planned tariffs on $200 billion in Chinese imports, ratcheting up pressure on Beijing to return to the negotiating table, three people familiar with the internal deliberations said.
The Trump administration has already imposed tariffs on $34 billion worth of Chinese goods and duties on an additional $16 billion worth are expected soon.
China announced Friday it will put tariffs on $60 billion of US imports if the USA moves forward with 25% tariffs on $200 billion goods.
China appears to have stripped back its imports of US crude oil to near zero for September, having taken about 333,000 barrels per day in the first six months of the year, according to vessel-tracking data. China immediately responded with its own tariffs on USA goods worth $34 billion.
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"China has illegally retaliated against U.S. workers, farmers, ranchers and businesses".
"U.S. pressure and blackmail won't have an effect". The threatened tariffs of 10 percent could rise to 25 percent on thousands of products, including food, chemicals, steel and aluminum, furniture, tires, bicycles and beauty products. "The cost increases will be passed on to customers, so it will affect most Americans pocketbooks".
But if the United States is forced to carry out its threat and actually imposes 25 percent tariffs on $200 billion worth of additional items from China, hitting consumer goods will become inevitable.
Hearings are scheduled for Aug. 20 to 23 and the comment period has been extended to September 5 from late August, according to Lighthizer's office.
It typically has taken several weeks after the close of public comments for the tariffs to be activated.
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