USA opened lower after a stretch of gains. "The Chinese government as always will have no choice but to take the necessary countermeasures", it said.
Beijing has said it would hit back against Washington's escalating tariff measures, including through "qualitative measures", a threat that USA businesses in China fear could mean anything from stepped-up inspections to delays in investment approvals and even consumer boycotts.
Beijing had retaliated in kind to the first set of USA tariffs on Chinese imports, slapping tariffs on $34 billion of imports from the United States. American exports to China totaled only US$130 billion previous year, so the Chinese will have to look beyond tariffs in crafting those countermeasures.
Using China's product list and the worldwide harmonized system for identifying goods, we picked out the major United States products that will get slammed by the new tariff.
Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose US farmers and manufacturers to retaliation overseas.
It also includes consumer goods ranging from auto tires, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products.
Officials will hold hearings in late August on the list of targeted products and an administration official said it would take about two months to finalise, at which point Trump would decide whether to go ahead with the levies.
"Despite the relative optimism our members feel guarded about the future", AmCham said in its statement. On Friday, the USA imposed 25 percent tariffs on $34 billion in Chinese products, and Beijing responded with similar duties on US imports.
For now, the USTR continues to work on the process of finalizing an additional $16 billion in goods to face 25-percent tariffs to bring the total up to $50 billion.
Investors had been taking the trade war in stride but Tuesday's announcement appeared to dent that optimism.
Trump tweets 'very nice note' from Kim
About 100 wooden transport cases were sent to the DMZ in recent weeks to prepare for receiving U.S. troop remains. State Department confirmed talks were back on for Sunday following the North Koreans' failure to show.
Month After Summit, Trump Tweets "Very Nice" Letter From Kim Jong
But Pompeo gave a rosier account saying the two sides had substantive discussions on next steps toward denuclearisation. Recent evidence actually suggests that the rogue nation continues to build up their nuclear infrastructure.
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MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5 per cent.
S&P 500 and Dow futures were down 0.9 per cent and 1 per cent, respectively, pointing to a lower open for Wall Street later in the day.
CURRENCIES: The dollar eased to 111.23 yen from 111.28 yen on Tuesday.
The U.S. Trade Representative said Washington is preparing to impose 10 percent tariffs on another $200 billion in Chinese imports, including 6,031 product lines ranging from burglar alarms to electric lamps and fish sticks.
Even so, the USA dollar hit a six-month high against the safe-haven Japanese yen as currency traders put trade worries aside and focused on Labor Department data that showed producer prices rising more than expected.
The office will accept public comments and hold hearings on the plan August 20-23 before reaching a decision after August 31, according to a senior administration official who briefed reporters on condition of anonymity.
The list of new tariff targets from the US Trade Representative includes vacuum cleaners, furniture, and vehicle and bicycle parts, but US-branded smartphones and laptops were excluded.
"Unfortunately the markets haven't come to grips with the current levels of trade policies and tariffs", said Art Hogan, chief market strategist at B. Riley FBR in NY. 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. But it also points out that American cars assembled in China will equally bear the brunt of the tariff war. "Unfortunately, China has not changed its behaviour".
"The U.S.is not only opening fire to the whole world, but also firing at itself", Hua said. But President Donald Trump's measures targeting Chinese medical, construction and factory equipment hit small exporters that say price-conscious American customers have stopped buying.
The impact of tariffs imposed Friday on the world's second-largest economy should be limited, according to private sector analysts.
WTO Commitments China will reiterate details from a recent government paper, defending the country's efforts to integrate itself into the global trading system, the people said. During a visit to Germany this week by Chinese Premier Keqiang Li, the countries signed business deals worth more than $23 billion.
"It won't be hard for Chinese companies to find replacements for US goods", said Bai Ming, a researcher at the Chinese Academy of International Trade and Economic Cooperation, quoted by the newspaper Global Times.