China imported $129.89 billion of USA goods past year, while the US purchased $505.47 billion of Chinese products, according to US data.
Trump added that if Beijing hit back at this latest manoeuvre, the USA would find another $200 billion worth of goods to impose tariffs on.
That sounds big. Is it?
The pain has been limited so far to sellers of goods targeted by USA and Chinese tariffs, but economists say the impact could spread.
Trade relations were already strained by USA sanctions targeting oligarchs and businesses accused of supporting President Vladimir Putin's alleged efforts to undermine Western democracies.
By contrast, Trump's supporters in agricultural areas are already bristling at his protectionism. "We do our best to call out unfair economic behaviors as well".
Should China impose its proposed expanded tariffs, Trump warned, that he would slap duties on an additional $200 billion of Chinese imports.
Some of those tariffs will be applied from July 6, while the White House is expected to announce restrictions on investments by Chinese companies in the United States by June 30.
US to pull out of United Nations human rights body
National Security Adviser John Bolton has been a prominent critic of the council since its inception. They asked not to be identified discussing a decision that hadn't yet been made public.
What would that look like? Meanwhile the S&P 500 is about 3% higher for the year. Chinese officials have promised to respond accordingly if Trump continues to ratchet up tensions.
In March Washington and Seoul announced agreement on a renegotiated free trade accord, giving United States carmakers greater access to the South Korean market.
"Trade between our nations, however, has been very unfair, for a very long time".
American companies could be affected in other ways, too.
They included tariffs on steel and aluminum imports to the USA and a tough rhetoric on trade negotiations from North America to Asia.
"Aircraft, chips and energy imported from the United States could be subject to [punitive tariffs]" he said. Intel produces raw chips at six so-called wafer fabs, with three in the United States, one in Ireland, one in Israel and one in China. But the risks of a broader escalation of a trade war could hurt Intel's efforts to expand into new areas.
"Global sentiment is on the back foot amid signs that neither side will back down, potentially taking global commerce a step closer to an unwelcome trade war", Mike van Dulken, the head of research at Accendo Markets, wrote in a note Tuesday morning.
Protectionism is threatening to slow global trade, undermining growth and jobs in the United States.
"I don't know that we're in a suicide pact on this". "It would be serious, not only if the United States took action, but especially if other countries were to retaliate". He slapped tariffs on steel and aluminum from Canada, Mexico and the European Union, threatened to kill the North American Free Trade Agreement and is studying new tariffs on vehicle imports.
"This impact appears to remain manageable", said Kuijs.