The US leader warned he would go even further, with punitive measures on an extra $200 billion of Chinese goods - for a possible total of $450 billion of goods, or most Chinese imports - "if China increases its tariffs yet again". "The United States initiated a trade war and violated the laws of the market".
According to a report in Monday's New York Times, in the midst of the escalating trade war rhetoric between the us and China, Apple CEO Tim Cook has allegedly been given a promise from the Trump administration that the Apple iPhone, assembled in China, will not be slapped with any tariffs for its trip across the USA border.
Following Trump's announcement, China rolled out retaliatory tariffs on $50 billion worth of USA goods and promised to stand firm against the US's actions. "They need soybeans. China needs soybeans, and they have to buy some US soybeans because there's not enough soybeans in the world without it".
The Shanghai Composite Index dropped more than 3 percent to its lowest since July 2016, while Hong Kong's Hang Seng shed 2.8 percent.
Trump and Canadian Prime Minister Justin Trudeau traded barbs over the steel tariffs at a farcical summit of the G7 richest countries that ended on June 9. "It is very unfortunate that instead of eliminating these unfair trading practices, China said that it intends to impose unjustified tariffs targeting USA workers, farmers, ranchers and businesses".
Beijing immediately retaliated, matching the USA levy.
The United States has initiated a trade war and violated market regulations, and is harming the interests of not just the people of China and the US, but of the world.
In the latest move in a nascent trade war, President Trump announced Monday evening that he was asking U.S. Trade Representative Robert Lighthizer to suggest $200 billion worth of Chinese goods on which the U.S. could impose a 10 percent tariff.
China does not import almost enough U.S. goods to hit back if Trump imposes the full tariffs on $450 billion worth if goods that have been threatened.
The Chinese response clearly angered Mr Trump. -China Business Council. Parker suggested that such steps might include delaying or denying licenses required by US companies in China.
Meanwhile, markets have responded poorly to Trump's tariffs play, dipping repeatedly with each new tariff announcement.
In U.S. treasuries, U.S. 10-year and 30-year yields fell to three-week lows on the news, while those on two-year notes slid to two-week troughs.
Apple is also concerned that the Chinese government will point to the way that Huawei has been accused of being a threat to US national security, and take some type of action against Apple.
"Investors are anxious the United States may impose further restrictions on Chinese tech and Internet products and cause greater uncertainty for the domestic economy", Zhang Gang, Shanghai-based strategist with Central China Securities Co, told Bloomberg News. The White House is finalizing a list of $16 billion in additional goods it will sanction later. That would encompass roughly 90 percent of the $505 billion worth of goods that China exported to the United States in 2017. And Beijing says it would impose tariffs on $16 billion more if the United States does so, too.