The tariffs focused on industrial products, not on things Americans buy at the mall or via Amazon.

Once the new round of tariffs takes effect on September 24, punitive duties will be in place on roughly half of the products the United States buys from China - its largest source of imported merchandise.

Collection of tariffs on the long-anticipated list will start on September 24 but the rate will increase to 25 percent by the end of 2018, allowing US companies some time to adjust their supply chains to alternate countries.

Canada and Mexico, members of the North American Free Trade Agreement (Nafta) with the U.S., have imposed their own counter-tariffs on United States goods after Washington's steel and aluminum duties took effect. China has retaliated in kind, hitting American soybeans, among other goods, in a shot at the president's supporters in the USA farm belt.

The White House said in a statement that Trump had been clear that he and his administration would continue to take action to address China's trade practices and encouraged Beijing to address US concerns.

What's behind the US-China rift? The Office of the U.S. Trade Representative has charged that China is using predatory tactics to obtain foreign technology. American officials also worry they might erode US industrial leadership.

Trump administration is seeking systemic changes from China which Beijing has failed to do.

Earlier yesterday Mr Trump claimed that the consequences of the global trade... The White House had no immediate comment on Monday.

Yang Weimin, deputy director for economic affairs at the Communist Party's top advisory body, said at the China Development Forum in Beijing on Sunday that China would not negotiate while under pressure.

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In proceeding with additional tariffs, Trump ignored pleas from hundreds of USA companies who opposed the new levies at public hearings last month. "Business hates uncertainty. They'd rather have an imperfect trading relationship than this much chaos".

In the minutes of its recent meeting, the Reserve Bank board cited the US-China trade war and said there were "significant tensions around global trade policy and that this represented a material risk to the outlook".

Initial reaction from the business community Monday was unfavourable. It will mark a significant escalation in the trade war and China has said it will hit back.

Economists warn the tariffs could chip away at U.S. economic growth. "Hopefully, this trade situation will be resolved, in the end, by myself and President Xi of China, for whom I have great respect and affection", Trump said. He added that if China retaliates then there'll be another $267bn in tariffs coming.

Last year, Southern California ports handled $173bn in Chinese imports, about a third of all goods shipped from China to the US, CNBC reported. The final list released today removed 300 items that include smartwatches, bike helmets, children's playpens, some chemicals, and health and safety devices. Apple won waivers for several of its popular consumer products including the Apple Watch. At the same time, China introduced its own tariffs to the same value.

Brent crude LCOc1 futures fell 4 cents to settle at $78.05 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 8 cents to $68.91 a barrel.

Through July, the United States ran a US$233.5b trade deficit in goods trade with China, an 8 per cent increase compared with the same period in 2017. "There's no way around it".

- Dollars falls as market awaits White House's next "trade war" move. While individual companies have complained about their operations being disrupted by material shortages or cost increases, growth remains strong and unemployment is approaching a half-century low.

Last month, Mexico and the United States finalised a preliminary agreement on a new Nafta pact they intend to sign by Dec 1. "And product will start being made here again". 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. The move allowed U.S. steel producers to increase prices, raising costs for companies that buy steel and pressuring them to cut back elsewhere. "Not to mention damage the competitiveness of companies that import raw materials and components from other countries and folks who work in export industries".