Beamish doubted whether the United States would slap 25 percent tariffs on $200 billion of Chinese imports, as the Trump administration has said it is considering, and the Wall Street Journal reported the tariff level would probably be about 10 percent.
"There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!" the President tweeted, after his administration announced fresh 10% tariff on $200 billion of imports from China.
The latest moves come amid escalating trade conflict between the world's two largest economies.
Trump took to Twitter on Tuesday morning to say that any further action by China targeting United States farmers and industrial workers would result in "great and fast economic retaliation" from the US.
Conflicting messages coming from the Trump administration on tariffs amid the U.S. trade war with China could sink prospective negotiations between the two countries before they begin, damaging pros-pects for a resolution to the growing dispute, according to a Wall Street Journal (WSJ) report, which cited officials with knowledge of the discussions. Textiles and machinery used for domestic manufacturing will also take a hit. Chinese news reports have quoted a former finance minister as saying Beijing can disrupt American companies' operations by imposing "export controls" if it needs more leverage in its mounting tariff dispute with Washington. Trump has demanded that the Chinese take steps to narrow the country's trade surplus with the USA and also cease trade practices that he maintains have forced American companies to surrender technology if they want access to China's markets.
The higher import taxes will apply to more than 5000 items, marking the biggest round of United States tariffs so far. "I urge China's leaders to take swift action to end their country's unfair trade practices".
Apple shares fell 2.6 per cent, amid concerns it might be caught in the middle of an escalating trade war.
While Trump says the tariffs will mean "a lot of money coming in to the coffers of the United States" they are really a tax on U.S. companies and consumers. "Kevin Hassett, the chairman of Trump's Council of Economic Advisers, said he expected that US-China talks can still take place". Trump also accused Chinese corporations of stealing American technology and intellectual property.
The commerce ministry's statement came hours after Trump said he was imposing 10 percent tariffs on about $200 billion worth of imports from China, and threatened duties on about $267 billion more if China retaliated against the U.S. action.
Appearing to counter Trump's previous claim that tariffs imposed by his administration would bring home USA businesses and manufacturing, AmCham chairman William Zarit said only 6 per cent of the group's member companies have said the trade war will cause them to consider shifting their operations back to the US.
Talks in May between high-level US and Chinese officials ended without an agreement.
"The economy and trade had been seen as Trump's strong point, however, his presidential approval rating has dropped four percentage points over the past month to just 38%".
After a seven-week comment period, the administration announced that it had withdrawn several items from an earlier list of $200 billion in Chinese imports, including child-safety products such as bicycle helmets.
Multiple reports in recent days cited officials saying Trump had made a decision to press ahead with new tariffs, but at a lower rate of 10 percent after initially announcing they should be hiked to 25 percent in light of China's alleged intransigence.