China 'underestimated' Trump, a key adviser says

The US president said the tariffs would be imposed if China "refuses to change its practices".

"If the United States loses its senses and comes up with a new list, China will be forced to strike back hard, and launch comprehensive measures that match the U.S. move in quantity and quality", the Chinese Commerce Ministry said in a statement Tuesday.

China's commerce ministry strongly criticized the latest move saying it does not follow "the consensus reached by both sides" during negotiations.

Even as the US trade conflict with China deepens, Trump has raised trade tensions on other fronts. The Dow Jones industrial average turned negative for the year amid its longest losing streak since March 2017.

U.S. Secretary of State Mike Pompeo spoke to a business group in Detroit, Michigan on Monday. Boeing's stock shed 4.3 percent, Caterpillar 4 percent and GE 2.2 percent.

Trump said he has taken steps to provide level-playing field to American businesses.

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Mr Trump has threatened to put tariffs on an extra $200bn (£141bn) of Chinese goods, sparking fears of a trade war.

The 25 percent tariff will be applied to $50 billion of goods from China that "contain industrially significant technologies", he said.

President Donald Trump has directed the US Trade Representative to prepare new tariffs on 200 billion dollars (£150 billion) in Chinese imports as the two nations moved closer to a potential trade war.

"Whether that's threatening our technology leadership through intellectual property theft or forced technology transfer, we are hard at ensuring that we protect American property", he said. So far this year, Canada and China comprise the largest percentages of the country's total trading volume, at 15.1% apiece.

Chinese acts of "economic aggression", according to the report, include physical and cyber-enabled theft of technologies and intellectual property, evading USA export control laws, counterfeiting, piracy and reverse engineering. The first round is to take effect on July 6. He argued the USA steps will ultimately benefit the country and global trading system.

The growing USA trade conflict with China hit financial markets hard, and Beijing vowed a firm response.

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China has threatened "comprehensive measures" in response to U.S. President Donald Trump's new tariff hike, raising the possibility Beijing might target operations of American companies.

Navarro also disputes any notion that the trade standoff would damage the broader relationship with China.

He also added the actions are (quote) "necessary to defend" the U.S. He criticized China's trade policies as "predatory".

Mr. Navarro said China is seeking by 2025 to control 70 percent of US industries such as aerospace, agricultural machinery, artificial intelligence, biotech, business application software, electronics, new generation IT, precision farming, robotics, and satellite communications.

One of the most important reasons - China is united, it said.

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