Beijing slapped additional 25 percent tariffs on 545 USA imports totaling $34 billion - including automobiles and agricultural products such as soy beans and beef - as part of a retaliatory plan involving 659 items worth $50 billion.
Foreign companies accounted for $20 billion, or 59%t, of the $34 billion of exports from China that would be subject to new USA tariffs, with US firms accounting for a significant part of that 59 percent, Gao said.
Financial markets seemed to take the latest developments in stride.
Japan's main stock index, the Nikkei 225, gained 1.1 percent while the Shanghai Composite Index added 0.5 percent.
The S&P 500 on Friday rose 23.21 points, or 0.8 percent, to 2,759.82, an increase of 1.5 percent from a close of 2,718.37 on June 29.
On Thursday, Trump said that he is willing to slap tariffs on up to $550 billion, which actually exceeds the current value of Chinese imports to the United States by $46 billion.
Trump was traveling to Montana for a campaign rally for Senate candidate Matt Rosendale when he spoke with reporters on several issues of the day.
USA president Donald Trump also warned that he might ultimately target over $500 billion worth of Chinese goods, including apparel products, based on China's reaction on United States decision on duty imposition.
That would bring the total of targeted Chinese goods to potentially $550 billion - more than the $506 billion in goods that China shipped to the United States past year.
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The Trump administration has argued that China has deployed predatory tactics in a push to overtake USA technological dominance.
Mayor Lionel Johnson of St. Gabriel, Louisiana, said his state could be hardest-hit, not because it produces so many soybeans, but because it's where they depart from.
"Our biggest customer and the biggest customer that consumes soybeans in the world is China, and Chinese people buy about sixty percent of the soybeans that are grown in this country alone", said Cannatella.
Marukawa said by launching such an investigation, the United States has skirted WTO rules, so China's retaliation against those moves that violate WTO rules is justifiable. "Any unilateral pressure will be futile".
The root of the problem for Trump with Canada and Mexico stems from the North American Free Trade Agreement (Nafta), signed in 1994, which the president has called a "disaster" and "one of the worst deals anybody in history has ever entered into". This ship, carrying tons of US soybeans, had been racing against the clock across the sea, trying to arrive in Dalian port before the tariff war started.
"This is a potential concern for the outlook of corporate investment and consumption around world", said Hui.
"Its unruliness looks set to have a profoundly damaging impact on the global economic landscape in the coming decades, unless countries stand together to oppose it", the newspaper added.
There was no evidence of last-minute negotiations between USA and Chinese officials, business sources in Washington and Beijing said. "That's the nature of trade wars as well, and while no one is likely to win this confrontation, both sides could certainly lose".
"Tariffs not only hurt our farmers, ranchers and airplane manufacturers, but they also harm every American consumer", said GOP Sen.