The government said previously it would hit more than 500 USA export items - including cars and major agricultural goods such as soybeans and meat - worth the same as the Chinese products targeted by the United States.
Some economists warn that an all-out trade war would put the brakes on the US economy by eroding business confidence, interrupting supply chains and increasing costs of imports to USA companies and consumers. China still has outstanding sales of about 771,000 tons of USA soybeans in the 2017-2018 marketing year and 1.39 million tons in the following season, USDA records show. "We can expect job losses and a decline in investor and consumer confidence", longtime Beijing-based attorney James Zimmerman tells NPR's Rob Schmitz.
The big question is how far the hostilities between Washington and Beijing will go.
As the day dawned across the USA on Friday, a new economic reality dawned with it: The tariffs long threatened against billions of dollars in Chinese goods took effect just at midnight ET while many Americans were sleeping - but Beijing was ready immediately with a wake-up call of its own. Others say they are turning their focus to Chinese consumers.
"There should be no doubting Beijing's resolve", the newspaper said.
On Thursday, Trump said higher tariffs on an additional $16 billion in Chinese goods were set to take effect in two weeks.
"More than 70,000 jobs depend on the Port of Oakland".
That would bring the total of targeted Chinese goods to potentially $550 billion, which is more than the $506 billion in goods that China actually shipped to the United States a year ago.
Panel calls intel assessment on Russia meddling 'sound'
The report also comes two weeks before Trump is scheduled to meet with Russian President Vladimir Putin in Helsinki, Finland. The House committee's report disputed how the intelligence community reached its assessment.
Trump's confrontational outlook applies to other trading partners as well as China, said Tai Hui, chief strategist for JP Morgan Asset Management, in a report.
The taxes target 818 kinds of Chinese products in industries such as aerospace, information and communications technology, robotics, industrial machinery, new materials and automobiles, according to a USTR list released previously.
Ahead of the tariffs, Chinese state media published a series of editorials criticising the U.S. and emphasising the country's readiness for a trade war.
USA carmaker Ford Motor Co (F.N) said on Thursday it has no plans to hike retail prices of its imported Ford and Lincoln models in China, despite the steep additional tariffs on imported US vehicles set to come into play on Friday. Trump's minions were not impressed either with New Delhi's projections that it would be buying billions worth of American airplanes, energy, and armaments in the coming decade, which would cumulatively wipe out the current $ 23 billion trade deficit. -Chinese tensions, Zarit said.
Cohen says while China does export more to the US, the United States could lose in other ways.
USA crude rose 1.07 percent to $73.72 per barrel and Brent was last at $77.11, down 0.36 percent on the day.
He described the United States actions "a violation of world trade rules" and accused Donald Trump of "initiating the largest-scale trade war in economic history".
But reaching a deal that's palatable to both sides will be tough. He has also expressed growing concern about intellectual property rights in high-tech industries, centered around the "Made in China 2025" policy, which aims to turn the country into a technological superpower.
Analysts say China is unlikely to budge on those plans, which it sees as crucial for developing its huge economy.