China, which imports 60 per cent of the soybeans traded worldwide, bought 32.9 million tonnes from the United States past year, accounting for 34 per cent of the total purchases.
"There is still a good six or seven weeks before these (tariffs) take effect so it is not like we are going to see these tomorrow, but it is definitely the next step in a trade war", TD Securities global strategist James Rossiter said.
The executive's comments come as concerns are growing that hefty import tariffs applied by Beijing on American goods, including soybeans, will inflate costs for farmers and potentially increase retail prices of foods, like pork, the nation's favourite meat.
Scott Lincicome, a trade lawyer for the group Republicans Fighting Tariffs, said tariffs on $200 billion would amount to a "multibillion-dollar tax on American businesses and families" and prompt China to retaliate against American exporters. They warned tariffs on imports raise consumer prices and expose USA farmers and manufacturers to retaliation.More news: US tariffs take effect, China retaliates
"Although I have supported the administration's targeted efforts to combat China's technology transfer regime, tonight's announcement appears reckless and is not a targeted approach", Hatch said in a statement.
A senior administration official told Fox News that China has been "non-responsive" to US actions and has insisted that Beijing does not see any way America has been hurt by Chinese policies.
A Commerce Ministry statement said, "It is totally unacceptable for American side to publish a tariff list in a way that is accelerating and escalating". His determination to renegotiate trade deals has targeted not only competitors on the world market such as China, but longtime friends and allies such as the European Union or Canada.
Louis Kuijs, Hong Kong-based Head of Asia Economics at Oxford Economics, said China's policy response is likely to be limited for now. "We believe the United States measures interfere with economic globalisation and damage the world economic order".More news: DJI Mavic Pro 2 Makes First Appearance In The Wild!
President Donald Trump has therefore ordered the trade department to "begin the process of imposing tariffs of 10% on an additional $200 billion of Chinese imports", Lighthizer pointed out.
"China has no option but to fight fire with fire".
Global markets in turmoil as Trump intensifies trade war once again.
According to the US, China uses predatory practices in a push to challenge American technological dominance - and allegedly forces American companies to hand over technology in exchange for access to the US market.
America's trade war with China is back on.More news: UK Foreign Secretary Boris Johnson resigns amid Cabinet's deep divisions over Brexit
"They continue to insist the problems we've identified are not real problems", a senior administration official said.