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"We don't want a trade war, but we're not afraid of a trade war, " ministry spokesman Geng Shuang said.

Trump's latest salvo in a brewing trade war would mean a sizable amount of Chinese goods shipped to the US would be exposed to tariff threats and raises new questions about the impact on American consumers.

"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", said the President.

Trump has taken direct aim at Beijing's industrial policies by targeting tariffs at goods the White House benefit from them.

"If the USA acts irrationally and issues a list, China will have no choice but to take comprehensive measures of a corresponding number and quality and take strong, powerful countermeasures".

"The United States will no longer be taken advantage of on trade by China and other countries in the world", he said. That means things like tourism and education, industries from which the United States benefits a lot more than China does.

Washington's dispute with China is part of broader US complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea.

"If China increases its tariffs yet again, we will meet that action by pursuing additional tariffs on another $200 billion of goods".

But just because Beijing can't retaliate reciprocally, doesn't mean it can't hit back proportionately: China can still disrupt US supply chains by freezing activities at select ports, or decline to approve acquisitions sought by American companies.

The statement from Trump on Monday said that China's response showed that Beijing had no plans to address the underlying IP theft and required escalation by the US.

He added, however, that China has far more to lose than the U.S.in the trade dispute. Chinese officials have promised to respond accordingly if Trump continues to ratchet up tensions.

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Last week, Mr Trump confirmed that the USA would impose 25% tariffs on $50bn worth of Chinese goods.

Baker says that if China were really determined to strike back at the United States, it would employ what he describes as the "nuclear option" of totally disregarding American companies' intellectual property rights. "At the president's direction, USTR is preparing the proposed tariffs to offset China's action".

Earlier on Monday, stock markets fell amid fears of further deterioration of US-China trade relations.

The pain has been limited so far to sellers of goods targeted by USA and Chinese tariffs, but economists say the impact could spread.

Apple is also concerned that the Chinese government will point to the way that Huawei has been accused of being a threat to USA national security, and take some type of action against Apple.

Retail groups also weighed in. All told, Trump is now threatening to penalize up to $450 billion of Chinese goods - a value representing about 90 per cent of Chinese imports previous year.

If the USA goes ahead with the new $200 billion tariffs, they are more likely to be directly felt by individuals than the previous round.

"Trump is playing a game of chicken, who will blink first", said Ivan Feinseth, chief investment officer at Tigress Financial Partners.

Brown also said that there are no signs of the two nations resuming their stalled trade talks "in just about every level". It's unclear when the list will be made public.

Among the day's losers, the yuan weakened to 6.4948 to the dollar in the offshore market CNH=D3, the lowest in five months, before easing to 6.4800 in late US trading.

Derek Scissors, a China scholar at the American Enterprise Institute, a Washington think tank, said that means China will soon run out of imports of United States goods on which to impose retaliatory tariffs. China is following a similar schedule.