As Trump Threatens $200 Billion in New Tariffs, China Rattles Saber

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China imported $129.89 billion of USA goods a year ago, while the US purchased $505.47 billion of Chinese products, according to US data. In a forceful statement, it said Beijing was ready to "defend the interests of the Chinese people and enterprises".

"If the United States loses its senses and comes up with a new list, China will be forced to strike back hard, and launch comprehensive measures that match the U.S. move in quantity and quality", the Chinese Commerce Ministry said in a statement Tuesday.

It gave no details.

Beijing immediately retaliated by matching the United States levy, but Mr Trump asked officials on Monday to identify $200bn of Chinese goods to be subject to a 10% tariff.

But, he said, "the United States will no longer be taken advantage of on trade by China and other countries in the world".

Global stocks fell after Trump's announcement.

Among Asian countries, China's Shanghai stock index fell almost 3.8 percent while Hong Kong's Hang Seng index lost almost 2.8 percent. Russian Federation has calculated the damage of its proposed tariffs to be about $537.6 million, while Oreshkin said Tuesday that the first stage of tariffs against the US would amount to about $93 million. The total number of goods imported to the United States from China in 2017 amounted to around $505.6 billion.

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A statement will then be given in the House of Commons on what course the government should take in the event of a no deal. He said on Tuesday: "But we can not accept the amendment on meaningful vote agreed in the Lords".

Pompeo on Monday described US actions as "economic diplomacy", which, when done right, strengthens national security and worldwide alliances, he added.

And now the president is warning the USA may impose tariffs on a total of $450 billion of Chinese goods. But China's imports from the United States previous year totalled $153.9-billion. The Chinese government said it would "strike back", presumably with tens of billions of dollars of tariffs of its own.

In an interview with CNN earlier this month, Apple CEO Tim Cook said he didn't expect a full-blown trade war to break out and dismissed the notion that iPhones, which are assembled in China, would end up subject to tariffs.

Economists warn Washington might be undercutting its negotiating position by alienating potential allies. The world's third largest smartphone manufacturer, Huawei has longed for its phones to be featured on the shelves of major US carriers.

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.

"If China takes any actions to harm our companies operating in China or otherwise try to harm any corporate entity, farmer, ranch or whatever, those constitute actions which aren't acceptable and this president will have the back of Americans whether they're here on a farm in Iowa or Shanghai trying to operate".

Trump has been taking potshots at Prime Minister Justin Trudeau and Canada since the end of the G7 summit earlier this month after the prime minister said at a press conference that he told the USA president that his steel and aluminum tariffs were "kind of insulting", and that Canada "will not be pushed around" and that it would not hesitate to impose retaliatory measures.

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