Together, both sides are targeting about $50 billion (Dh183.9 billion) in either United States or Chinese goods in this first round, but both Beijing and Washington have left room for manoeuvre, with the Washington tariffs not taking effect for two months to allow for a period of public consultation. It has public comment periods scheduled for May 15.
With rapid turn-about in the White House a regular occurrence, investors have made costly decisions based on the words of a rotating door of advisers and policy makers.
Gregg Re is an editor for Fox News.
By making its currency artificially cheap, as it has done in the past, China could lower the dollar price of both Chinese goods and American tariffs, while making American goods more expensive for Chinese consumers. "Now it is time for negotiations". Mainland Chinese markets remained closed for a holiday.
Markets recovered on Wednesday after stocks initially fell following China's announcement.
The Dow closed on Monday down 458.9 points, which equates to a decrease of 1.9 percent.
The two sides have already been in talks.
China would "fight back immediately and without hesitation", state media said.
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China is deeply protectionist, and is rapidly becoming the most powerful country on earth.
Negotiations are expected to be hard. But he says President Donald Trump will remain steadfast on protecting US economic interests. "The tariffs China is proposing are extremely concerning to the farmers and ranchers who are already facing a very poor agricultural economy".
In China, some have called for a tougher stance.
In response to threats of additional tariffs, China's Commerce Ministry says Beijing will not hesitate to keep matching any future tariffs with their own.
China holds about $1.17tn in American treasuries. China is positioning themselves as responding to U.S. aggression rather than taking a lead in punishing the U.S. In a statement, the Chinese embassy in the United States said, "As the Chinese saying goes, it is only polite to reciprocate", adding that China intends to pursue the matter with the World Trade Organization and enact "corresponding measures of equal scale and strength against U.S. products".
Roland Rajah, the director of the worldwide economy programme at the Lowy Institute in Sydney.
China hit back within hours with its own threatened tariffs on U.S. imports including soybeans, planes, cars, whiskey and chemicals. Senate Finance Committee Chairman Orrin HatchOrrin Grant HatchTrump's monumental deception unravels Russian diplomat seeks GOP senator's help meeting Pence, Cabinet officials The IRS is auditing fewest Americans since 2002 MORE (R-Utah) said that while the USA needed to address trade challenges head on, "we can not exacerbate these challenges with self-inflicted harm".
The tariffs would cover advanced industrial goods including robots, electric vehicles, batteries, engine parts, components for semiconductors, as well as trains and locomotives, according to Lorand Laskai, a research associate in the Asia studies programme at the Council on Foreign Relations in NY.
American Chemistry Council (ACC) President and CEO Cal Dooley, a former Democratic congressman from California, said the tariffs amounted to misguided economic policy.