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He has asked the United States Trade Representative to identify $200 billion worth of Chinese goods for additional tariffs of 10 percent.

The White House hasn't set a date for the imposition of any new tariffs beyond the initial list. Besides the aforementioned goods, the list covers products in aerospace, information and communications technology, robotics and raw materials. It has yet to say when that might take effect.

The Chinese Embassy in Washington did not immediately respond to a request for comment.

"As China hawks, like (Robert) Lighthizer and (Peter) Navarro, appear to have gained power within the Trump administration lately, an all-out trade war now seems more inevitable", said Yasunari Ueno, chief market analyst at Mizuho Securities.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", he said.

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.

Combined, the potential tariffs on Beijing could reach $450 billion - an amount equal to 89 percent of Chinese goods imported to the USA previous year. That could take a long and painful trade fight.

China's Commerce Ministry on Tuesday criticized President Trump's latest threat of tariffs, calling it an "act of extreme pressure and blackmail". China's tariffs would target agricultural products, cars and seafood, among other items.

He estimated that USA crop farmers have lost $100 per acre in revenue over the past two weeks in the most rapid erosion of US farm profit since at least 1979 due to the administration's battle with China. However, many other organizations expressed a wide range of opinions on the new tariffs.

Beijing responded to Trump's announcement last week by applying tariffs to 659 US products, including agricultural products, cars and marine products.

Beijing could seek to make life hard for United States companies that rely on the Chinese market.

"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.

The National Retail Federation asked Congress to intervene for US business on the tariffs issue.

"Trump's view that bullying and threats will advance U.S. long-term economic interests seems set to encounter a harsh dose of realism", said Eswar Prasad, professor of trade policy at Cornell University. "Higher prices for everyday essentials and lost jobs threaten to sap the energy out of the strong USA economy, just as most Americans are starting to enjoy the benefits of historic tax reform".

It was retaliation, he said, for China's decision to raise tariffs on $50 billion in United States goods, which came after Trump announced similar tariffs on Chinese goods on Friday. "As I've said from the beginning, China will back off its industrial plans only when USA trade measures are large and lasting enough to threaten the influx of foreign exchange".

Secretary of State Mike Pompeo made the remarks at the Detroit Economic Club as global markets reacted to trade tensions between the USA and China. "We can no longer be the stupid country".

"While we support the administration's actions today, there is still much left to be done", he added.

Spooked by worsening tensions over trade between the world's two largest economies, investors are selling stocks and commodities and buying safer assets.


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