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President Donald Trump announced on Monday that he was considering a 10 percent tariff on $200 billion in additional imports from China.

The United States has now imposed tariffs on up to $450bn in Chinese goods, out of a total of $500bn.

Apparently, aware of the advantage he has in this trade war, Trump said his first measure - of imposing tariffs on $50bn worth of goods - was an initial step toward bringing balance to trade relationship with China.

But, Trump's decision to move forward with the tariffs caused the deal to collapse and the trade battle to escalate once again.

If China looks to raise its tariffs on USA goods again, President Trump plans to tack additional tariffs on another US$200bn worth of goods.

For months, the US and China have traded tit-for-tat trade threats, and they have escalated again in just the last few days.

Apple and other large American businesses including Walmart Inc. and General Motors Co. are keen to expand in China.

White House trade advisor Peter Navarro told reporters on Tuesday that it's China who has more to lose in any trade war, . highlighting that China's exports to the USA exceeded the amount of goods exported from the U.S.to China.

It wasn't immediately clear when the new tariffs could be put in place, as the trade office has yet to identify the Chinese goods to be penalised or conduct a legal review.

Should the United States add Chinese seafood to tariff next it has a long list of products to choose from.

He says Canada imposes such onerous tariffs on USA products - shoes, for instance - that people are forced to "scuff 'em up" in order to "smuggle" them home. "Now, trade issues are moving really pretty fast up the agenda", said Yergin.

In U.S. economic news, the Commerce Department released a report showing a much bigger than expected jump in new residential construction in the month of May, although the report also showed a much steeper than expected drop in building permits.

Steel futures in China recovered on Wednesday after the previous session's almost 3-percent drop, although lingering worries over a trade spat between Beijing and Washington curbed gains.

It said, "If the USA side becomes irrational and issues the list, China must adopt comprehensive measures of the same quantity and quality in order to take strong countermeasures".

"One benefit of employing a CGE model is that it can model the effects of tariffs upon supply chains and this is crucial in regard to China, who have been termed the "Great Assembler". China forces the U.S.to - US companies to give some of its information to China.

More American targets are likely to follow as soon as the Trump administration follows through with publishing an expanded tariff list.

He said China's recent claims of "openness and globalisation" are "a joke".

China imported US$129.89 billion of USA goods previous year, compared with United States purchases of US$505.47 billion of Chinese products, according to U.S. data.

But some economists say Chinese policymakers would be wary of letting the yuan slide sharply against the dollar.

The escalation in the dispute with China may also serve as a warning to other trading partners with which Trump has been feuding, including Canada and the European Union.

Canadians returning to their country from overseas receive certain duty exemptions if they have been away for more than 24 hours.

The United States has initiated a trade war and violated market regulations, and is harming the interests of not just the people of China and the US, but of the world.