Trump, who has accused China and others of exploiting the United States in global trade, has demanded that Beijing make a host of concessions to avoid the new duties, which could be imposed in the weeks after a comment period closes on September 5.
Donald Trump is ramping up the pressure on China.
In a tweet last month, US President Donald Trump suggested that China could be undermining a North Korean denuclearisation deal because of the ongoing trade war.
The Trump administration released a preliminary list of goods that could be subject to this wave of tariffs.
"We hope that the trade policy makers in the U.S. will be cool-headed, listen to the voice of United States consumers and also pay attention to the voices in the global community", Wang said.More news: Andy Murray sobs after another 3-set win in Washington
A first round of tariffs came into effect on 6 July, when the United States imposed 25% taxes on $34bn of Chinese imports.
Recognizing this dynamic, a policymaker who is serious about reducing the US trade deficit would at least consider controlling capital inflows to the United States, either by creating regulations that make it more hard for foreigners to invest in the USA, or by taxing such investment.
MSCI's gauge of stocks across the globe.MIWD00000PUS shed 0.75 percent and Germany's DAX blue-chip index .GDAXI, seen as a trade war proxy, fell 1.5 percent.
China's foreign minister said Thursday that US threats to hike tariffs run against the trend toward globalization and will hurt USA businesses and consumers.
German companies are now considering closing or relocating their production sites to other countries, in a bid to avoid higher costs due to raising tariffs.More news: Surprise as Modric is considering shock Real Madrid exit
The step reportedly comes as negotiations between officials from the U.S. and China failed to ease current trade tensions.
"The impact is huge: almost half of the imports from German companies are directly or indirectly affected by the new tariffs, for example because they source raw materials or components from the other country".
Tariffs on another $16bn of products are pending, the second part of tariffs on $50bn worth of imports that the U.S. announced in March.
Ed Bryztwa, director of worldwide trade at the American Chemistry Council, was especially concerned about the additional tariffs, even before the threat of more than doubling the tariff rate.
"Well, let's put it into arithmetic perspective".More news: New search for missing Iowa student