At the same time, Mr. Scott said, China's threat to impose tariffs this week on USA soybeans - in direct response to Mr. Trump's tariffs on other Chinese-made products - is already having a negative effect on the prices farmers see.
The Washington Post's Danielle Paquette reported that some of the "qualitative measures" China promised in response to Trump's tariff threats may already be in effect.
The dispute has hit financial markets including stocks, currencies and the global trade of commodities from soybeans to coal in recent weeks. This will impact most markets except for relatively closed ones such as China, India, and Southeast Asia, due to their existing high import tariffs.
But the integrated character of hi-tech development, in which components cross borders during the manufacture of the final product, means that United States companies will be hit by the trade war measures. Nothing written by the author should ever be conflated with the editorial views or official positions of any other media outlet or institution. He has already threatened to escalate US tariffs to cover almost all the goods the United States imports from China if he does not get his way.
The US has also released a list of an additional $16bn in products targeted for tariffs, and President Donald Trump has ordered USTR to identify another $200bn of Chinese products on which to possibly levy duties.
Still, Chinese investors and companies were anxious.
The Shanghai Composite Index fell about 0.3 percent after flirting with two-year lows. Chinese manufacturers have already been hit by a strengthening yuan that has made exports more expensive. The first phase of that will affect $34 billion worth of goods.
"That's impossible. China won't accept that, " he said, adding "what happens next depends on the United States".
Chinese exporters of tools, lighting and appliances say US orders have shrunk as customers wait to see what will happen to prices.
China's Global Times, a widely-read tabloid published by the ruling Communist Party's People's Daily, said China "does not want to get involved in a trade war", but that it would not back down against the United States.
Trump has for years slammed what he describes as Beijing's underhanded economic treatment of the United States in terms of trade, with the USA trade deficit in goods with China ballooning to a record $375.2 billion last year. "And then as you know we have $200 billion in abeyance, and then after that $200 billion, we have $300 billion in abeyance".
According to BMI's Mr. Liew, China accounts for nearly 40 percent of sales by U.S. chip makers such as Micron Technology Inc., Texas Instruments Inc., Intel Corp., and Qualcomm.
"For companies with supply exposure to tariffs, they will move sourcing country of origin if they can; if they can't, they'll pass on as much of the tariff cost as they can, or see a cut in margins", said Jacob Parker, vice president of China operations at the U.S.
Some businesses tried to persuade the Trump administration to back down by saying they'd be left with no choice but to consider reducing production, firing workers and even shifting operations out of the United States to account for the added costs from import tariffs.
Data from the US Census Bureau show how the US economy has been heavily dependent on imports.
China's counterplan calls for $34 billion in duties on such American products as beef, chicken, pork and soybeans - as well as electric and sport-utility vehicles.
But Meyer said that "further escalation", including auto tariffs, would cause Bank of America to "reassess" the outlook for the USA economy.
Besides going to the WTO, China also said it would work with other countries to promote free trade, as Trump engages in battles with historical trading partners around the world.
"US measures are essentially attacking global supply and value chains".
"But the tariffs will bring double-lose results".
China is putting pressure on the European Union to issue a strong joint statement against President Donald Trump's trade policies at a summit later this month but is facing resistance, European officials said.
- ICE names new acting director amid immigration turmoil
- Prime Day returns on July 16th, deals are starting now
- Syrian army gains in southwest, rebels begin peace talks
- Roger Federer ends 20-year Nike relationship for Uniqlo
- Japan's World Cup star Keisuke Honda and other footballers as cars
- LaVar Ball Guarantees Two Lakers Championships With LeBron James
- Another giant falls as Russian Federation eliminate Spain
- Colombia vs. England - Football Match Report
- The U.S. Chamber of Commerce Is Fighting Trump's Tariffs with Facts
- Colombia's Aguilar ruled out against Senegal due to injury