The United States has almost completed a second list of tariffs on $100 billion (75.44 billion pounds) in Chinese goods, as President Donald Trump prepares to enact an initial round of duties that is expected to trigger an in-kind response from Beijing, several sources said.
Trump was due to give details later on Friday of a revised list of 800 product categories, down from 1,300, according to an administration official and an industry source familiar with the list.
Chinese foreign ministry spokesman Geng Shuang said on Friday that China's response would be immediate and that Beijing would "take necessary measures to defend our legitimate rights and interests".
"The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices", Trump said in the statement.
On Thursday, China reiterated its preference for dialogue to resolve differences, but said it was ready to respond if Trump moved forward with tariffs.
US President Donald Trump has approved tariffs worth $50 billion on import of goods from China.
By plowing ahead with tariffs against China, the Trump administration would undermine efforts by the world's two biggest economies to avoid a trade war that the International Monetary Fund has warned could undermine global growth.
Washington has also completed a second list of possible tariffs on another $100 billion in Chinese goods, in the expectation that China will respond to the initial US tariff list in kind, sources told Reuters.
China and other nations should join together to counter Trump's aggressive trade policies, the state-run China Daily said on Friday, repeating past threats to retaliate in kind. "That is why I am calling on President Trump to fight for American jobs with a comprehensive strategy that puts American economic interests front and centre", she said.
The decision stems from the conclusions of a Section 301 investigation launched in August that found that China's theft of intellectual property is costing the USA economy billions of dollars.
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'Those are all historic ingredients for an economic slowdown'.
"If you end up with a tariff battle, you will end up with price inflation, and you could end up with consumer debt, ' Gary Cohn, Trump's former top economic adviser, said".
The Trump White House is turning its trade war arsenal back on China.
Trump has pledged to enforce fair and reciprocal trading relations with China, with the US bilateral trade in goods deficit having reached $375 billion previous year, and amid long-running complaints of what foreign companies see as forced technology transfers and market restrictions.
Spain's newly appointed agricultural minister, Luis Planas, also opposed the tariff's impact, saying it is unjust. Tariffs on any products added to the U.S. Trade Representative's list would be subject to a period of public feedback.
A Wall Street Journal report warned that the U.S. decision could become the start of a tit-for-tat series of retaliatory moves.
Pompeo said the USA deficit with China was still too high, but that they had good talks.
The Chinese have threatened to counterpunch if the president goes ahead with the plan.
The US tariffs are designed specifically to punish China for forcing American companies to hand over technology in exchange for access to the Chinese market.
By June 30, the administration plans to announce investment restrictions and "enhanced export controls" for Chinese "persons and entities related to industrially significant technology", according to a White House statement last month.