It said Beijing would take unspecified "necessary countermeasures" to protect its "core interests".
The Trump administration released a wide-ranging list of Chinese goods it wants to hit with tariffs, including hundreds of food products as well as tobacco, coal, chemicals and tires, dog and cat food, and consumer electronics including television components.
The $200 billion move came in response to Beijing's retaliation for the first set of US duties, which primarily targeted farmers in America's heartland, but the new tariffs won't be imposed until the end of a two-month period for public comment.
The International Monetary Fund has warned that a full-blown trade war could undermine the broadest global upswing in years. Not only will these tariffs threaten numerous 1.3 million jobs our industry supports, they also hurt farmers who are already reeling from low commodity prices.
The economic impact of the conflict already is spreading.
Speaking of technology, the Trump administration has claimed that China has refused to address the allegations that Chinese companies are unfairly acquiring American technology. They have given no indication when they might meet again.
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It's unclear what evidence there is for that, other than Trump's promise to appoint anti-abortion judges. Lewis, which made it legal for employers to require workers to sign class-action waivers , and Janus v.
"This is an appropriate response under the authority of Section 301 to obtain the elimination of China's harmful industrial policies", Robert Lighthizer, the USA trade representative (USTR), said.
The dollar fell from seven-week highs against the yen and the Australian dollar stumbled after Washington announced a plan to slap tariffs on $200 billion of imports from China, escalating tensions between the world's two biggest economies.
USTR will hold hearings in late August on the list of targeted products, and an administration official said it would take about two months to finalize, at which point Trump would decide whether to go ahead with the tariffs.
"Unfortunately, China has not changed its behavior - behavior that puts the future of the US economy at risk", he continues.
According to the National Retail Federation, if the US government fully implements its threatened tariffs, the country's gross domestic product (GDP) may decline by almost 3 billion dollars and lead to the loss of 134,000 American jobs. Imposing taxes on another $200 billion worth of products will raise the costs of every-day goods for American families, farmers, ranchers, workers, and job creators. The first round of tariffs covered Chinese products ranging from farming plows to machine tools and communications satellites.
China 'cannot match fresh US tariffs, ' Vishnu Varathan of Mizuho Bank said. Each side is mulling tariffs on a further $16 billion in goods that would bring the totals to $50 billion. China has vowed to retaliate dollar-for-dollar to any further U.S. tariffs.
"Companies in both countries will suffer losses". "I'm not in great favor of tariffs either way.let's hope we can balance this out so it's not detrimental to our interests".
It's been just a few days since the two countries imposed tit-for-tat tariffs of 29 billion euros. "Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war", said Hun Quach, the head of worldwide trade policy for the group.