The burgeoning US-China trade war has entered a new phase

Trump threatens additional tariffs on $200 billion of Chinese goods

It wasn't immediately clear when the new tariffs could be put in place, as the trade office has yet to identify the Chinese goods to be penalized or conduct a legal review.

House Freedom Caucus founder Jim Jordan (R-Ohio) told Bloomberg that he thinks "most Americans are willing to give this president some latitude to get the best kind of trade deal that benefits the United States", adding, "I have concerns about tariffs in general".

US business groups said members were bracing for a backlash that would affect all American firms in China, not just in sectors facing tariffs.

Navarro also disputes any notion that the trade standoff would damage the broader relationship with China.

Trudeau has promised to retaliate against steel and aluminum tariffs the USA has put on Canada's metals industries.

It also scrapped agreements to narrow China's trade surplus with the United States by purchasing more American farm goods, natural gas and other products. "The trade relationship between the United States and China must be much more equitable", Trump said.

The Commerce Ministry criticized Trump's order to prepare tariffs on $200 billion of Chinese goods as blackmail.

Months of tit-for-tat trade measures between Beijing and Washington have had a fairly limited impact on currencies up to now.

The China trade offensive is only one side of Trump's multi-front battle with all major United States economic partners.

Even with tariffs on an additional $200 billion in Chinese goods, the impact on both China's and the US economy is set to be small, most economists say.

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Gary Cohn, Trump's former top economic adviser, said last week that a "tariff battle" could result in price inflation and consumer debt - "historic ingredients for an economic slowdown".

Among the day's losers, the yuan weakened to 6.4948 to the dollar in the offshore market CNH=D3, the lowest in five months, before easing to 6.4800 in late USA trading.

"Investors are waking up to the idea that all the rhetoric on trade could be more than just a negotiating tactic", said Emily Roland, head of capital markets research at John Hancock Investments in Boston.

USA stock markets are set for a sharply lower open as tensions over trade between the US and China seem closer to a boil.

The potential tariffs released on Monday are in retalitation to that statement from China. "It is very unfortunate that instead of eliminating these unfair trading practices, China said that it intends to impose unjustified tariffs targeting US workers, farmers, ranchers and businesses".

Away from Mr Trump's dispute with China, Russia said it would impose tariffs on certain American goods in response to the recent tariffs placed on steel and aluminium imports by the US. China responded by saying it would hit 659 United States products worth Dollars 50 billion.

Trump had announced a 25 percent tariff on up to $50 billion in Chinese imports.

The statement from Trump on Monday said that China's response showed that Beijing had no plans to address the underlying IP theft and required escalation by the US.

President Donald Trump pumps his fist as he leaves a meeting Monday in the East Room of the White House in Washington.

"All they can do is impose higher tariffs on a smaller subset of products", he said. They include electric cars, whiskey and soybeans - a politically and economically vital export of America's heartland, where Trump enjoys support.

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