Trump Threatens Tariffs on $200B in Chinese Goods

President Donald Trump and China's President Xi Jinping arrive for a state dinner in Beijing last year

The collateral damage could be widespread.

"If the USA becomes irrational and issues this list, China will have no choice but to adopt strong countermeasures of the same amount and quality", the statement said. Companies would pay more for imported parts and would have to decide whether to absorb those higher costs - or pass them on to their customers.

Navarro said China's behavior has led to unfair imbalances in the world economy. The Dow tumbled 287.26 points or 1.2 percent to 24,700.21, while the Nasdaq fell 21.44 points or 0.3 percent to 7,725.58 and the S&P 500 slid 11.18 points or 0.4 percent to 2,762.57.

It was retaliation, Trump said, for China's decision to raise tariffs on $50 billion in USA goods, which came after Trump announced similar tariffs on Chinese goods on Friday.

"If the USA becomes irrational and issues this list, China will have no choice but to adopt strong countermeasures of the same amount and quality", the Chinese statement added, according to the AP.

The two sides traded back-and-forth tariff threats on $50 billion worth of imports on Friday, and then Trump on Monday threatened tariffs on another $200 billion worth of imports.

"After the legal process is complete, these tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced".

His latest warning came after the White House revealed last week that it would impose 25% tariffs on $50 billion of Chinese products, starting on July 6.

"Therefore, today, I directed the United States Trade Representative to identify $200bn worth of Chinese goods for additional tariffs at a rate of 10%".

Its study says that uncertainty acts like a non-tariff barrier to impede trade and investment by encouraging American companies to move factories back to the United States and reduce incentives for USA firms to invest overseas. "He's willing to totally close our market to their exports".

Economists have said the impact on the US economy would be muted. Europe, Japan and other trading partners raise similar complaints, but Trump has been unusually direct about challenging Beijing and threatening to disrupt such a large volume of exports.

One of the most important reasons: China is united, it said. Soybeans are on the list - a direct shot at a swath of Trump supporters in the American heartland.

U.S. Secretary of State Mike Pompeo affirmed that China was committed to working with the U.S. on sanctions last week.

And Beijing has other ways to inflict pain on American companies. Or it could hold up their products at customs.

-China Business Council. Parker suggested that such steps might include delaying or denying licenses required by US companies in China. Chemicals company DowDuPont lost 3.4 percent to $65.48.

Large U.S. companies with significant overseas business were hit especially hard.

The Trump administration has tried to limit the impact of the tariffs on American consumers.

Several industry groups covering everything from auto manufacturers to winemakers sent a letter to GOP lawmakers urging Congress to step in to block Trump's tariffs.

Trump said on Tuesday the two nations had a good relationship and could work out a trade agreement on their own.

"During the consultations China showed ample sincerity and goodwill". USA companies that supply ZTE also sank.

The move quickly drew praise from former Trump senior adviser Steve Bannon, who said: "President Trump told China and the world tonight that America will not back down when it comes to economic aggression". At the same time, China pulled back from the deal made with the U.S. on 21 May, which, among other things, involved buying more United States products worth USD70bn.

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