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For the full accounting of Chinese goods that the Trump administration plans to target, see this list from the United States Trade Representative. "But it could mask over factors that could also weigh on equities in the longer run, such as tighter monetary policies led by the United States".

"It is a chaotic time in worldwide trade", said Li.

He spoke Wednesday at China's turn for a regular WTO review of countries' trade policies. It left untouched USA -branded smartphones and laptop computers.

The Chinese government has vowed to take "firm and forceful measures" against US threats to expand tariff hikes.

In a statement USA trade representative Robert Lighthizer said these new additional tariffs are a result of "China's retaliation and failure to change its practices" after the first round of tariffs.

Asked what Beijing would do, foreign ministry spokeswoman Hua Chunying gave no details but said, "We will take firm and forceful measures". The American announcement came Tuesday - days after the USA began adding 25 percent tariffs on $34 billion of Chinese goods.

"This act is typical trade bullying", a spokesperson for China's Ministry of Commerce said in a statement.

The Chinese government went on to paint itself a defender of free trade, urging the international community to "work together" to protect a global commerce flow that has brought wealth to nations worldwide.

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In the first round of a tit-for-tat trade war, China responded to last week's United States tariffs with import taxes of equal size on $US34 billion worth of American exports.

China said on Wednesday that the latest US actions were "completely unacceptable" and that it would be forced to respond. Imposing taxes on another US$200 billion worth of products will raise the costs of every day goods for American families, farmers, ranchers, workers, and job creators.

US President Donald Trump has now ordered the imposition of a fresh round of tariffs, US Trade Representative Robert Lighthizer revealed.

OCBC estimated that in a scenario where USA tariffs apply to US$250 billion worth of Chinese goods, South Korea's GDP growth could be hit by 0.3 of a percentage point while Japan's growth could be hit by 0.2 of a percentage point.

The Trump administration on July 6 imposed 25 per cent duties on US$34 billion in Chinese imports, the first time the president has implemented tariffs directly on Beijing after threatening to do so for months.

According to the US, China uses predatory practices in a push to challenge American technological dominance - and allegedly forces American companies to hand over technology in exchange for access to the US market.

The Trump administration's decision was received with dismay by key lawmaker Senator Orrin Hatch, the chairman of the powerful Senate Finance Committee.Hatch said in a statement the decision "appears reckless and is not a targeted approach".

Members of Congress are increasingly questioning Trump's aggressive trade policies, warning that tariffs on imports raise prices for consumers and expose US farmers and manufacturers to retaliation overseas.