Trump calls for US$200B more tariffs on China; US futures drop

China blasts new US tariff threat warns it will retaliate

But China has a much "stronger countermeasure" at its disposal when it comes to the USA, notes Dean Baker, an economist at the Center for Economic and Policy Research. "This is a problem that is long overdue in being tackled", Pompeo said.

Several companies - including Total and Peugeot of France, and Russia's Lukoil - have said they are preparing to exit Iran before USA deadlines, the last of which is November 4.

"China is also likely to take action against the United States service trade, including transport, tourism and education".

It doesn't import enough goods from the U.S.to match the scale of Trump's proposal but could adopt other methods.

"Therefore, today, I directed the United States Trade Representative to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent", Trump said.

The move comes just three days after the president detailed an initial $50 billion in imports that would be taxed an additional 25 percent, which he said was punishment for the theft of intellectual property from USA companies, as well as the trade gap between the two countries.

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The U.S. imported $505 billion of goods from China past year.

After a relatively tranquil month in US-China relations, the two nations are going tit for tat with tariff threats once again.

"Any further action might include punitive measures against American companies operating in China, such as removing privileges and excluding them from any future deals", he said.

However, deliberately targeting U.S. firms would counter Beijing's efforts to paint itself as a business-friendly nation and could damage its own interests.

"The United States initiated a trade war and violated the laws of the market", the Chinese Ministry of Commerce said in a statement.

Mr. Trump's comments came hours after the top US diplomat accused China of engaging in "predatory economics 101" and an "unprecedented level of larceny" of intellectual property.

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The move would be the largest blow in the tit-for-tat tariff fight between the U.S. and China. Jacob Parker, vice president of China operations at the U.S.

"Everybody will have their eyes on the Russell 2000 because people begin to think small-cap USA companies, that aren't subject to the winds of global trade negotiations, is the right place to hide out", said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee. A small handful of countries were given exemptions, but China was not one of them.

Spokesman Geng Shuang told a press briefing that the U.S. should "stop its damaging words and deeds".

White House trade adviser Peter Navarro last week said a deal to keep ZTE in business was a personal favour to the Chinese president, and said that if the company fell afoul of the U.S. one more time, it would be shut down.

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.

But neither the Chinese government nor Chinese society would "endure his blackmail", it said. The world's third largest smartphone manufacturer, Huawei has longed for its phones to be featured on the shelves of major USA carriers.

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The proposed measures caused upset on global stock markets on Tuesday, initially weakening both the United States dollar and the Chinese yuan.

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