"A tariff is a tax and in today's global economy.American manufacturers are simply tied to suppliers from outside the USA for their competitiveness.So when we tax those imports, we're taxing American manufacturers, not to mention consumers, and that heavily handicaps our own manufacturers".
The eventual goal is to impose tariffs on 40% of Chinese imports, the same proportion of US goods hit by Beijing's retaliation, an official told reporters. But Trump hasn't backed down, arguing that China's unfair trading practices are hurting American workers.
Thursday's gains in Asian equities come as China guided the yuan to its largest one-day drop against the USA dollar in a year and a half.
"It's already clear that this well-intentioned policy will actually make the United States less competitive, undermine this administration's vision of energy dominance and the manufacturing renaissance, and nearly certainly destroy many more jobs than it protects". The ministry did not offer more details, but Beijing had earlier threatened "comprehensive measures" if more tariffs were imposed.
Stocks have continued to seesaw as investors react to developments on trade and await second-quarter earnings, set to come into full swing Friday with US banks reporting results. "There is no justification for such action".
Opponents have been quick to voice their dissent with Trump's decision to escalate the already white-hot trade dispute between the United States and China.
"Pricing the different outcomes" has been challenging for investors, especially before second-quarter earnings come out, he said. They criticize Trump's tactics but share US complaints about Beijing's industrial policies. However, analysts say there's little chance China will back down on the plan, which it considers crucial for developing its huge economy.
China's stocks slumped following news of the new tariffs after three days of gains, and the yuan weakened.
Last year, more US crude oil was sent to China than any other destination except Canada, the EIA said in an analysis on Tuesday.
"In order to safeguard the core interests of the country and the fundamental interests of the people, the Chinese government as always will have no choice but to take the necessary countermeasures", it added.
"Although I have supported the administration's targeted efforts to combat China's technology transfer regime, tonight's announcement appears reckless and is not a targeted approach", said Sen.
On Wednesday, China's Commerce Ministry said it was "shocked" and in a statement called the US actions "completely unacceptable".
The National Retail Federation, an industry group, warned about the impact on prices from the new measures.
A Commerce Ministry statement said, "It is totally unacceptable for American side to publish a tariff list in a way that is accelerating and escalating".
"Pre-tariffs, the private sector was poised to invest $1.34 trillion in energy infrastructure to keep pace with surging production - supporting more than 1 million jobs each year on average through 2035".