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The U.S. and China have been in a tit-for-tat over trade since early May, after they both failed to reach a compromise on Trump's complaints over what he described as unfair Chinese trade practices and a $375 billion trade deficit with the country.

However, many lawmakers have expressed concerns that the tariffs will escalate into a trade war that will ultimately hurt American interests. Turkey is targeting US products and India has announced tariffs on 29 USA products, including steel and iron, almonds, walnuts, and chickpeas.

Beijing has pledged retaliation and Trump has threatened to push harder in response, saying that there could be tariffs on up to $450 billion of imports from China, close to the $500 billion of goods the United States gets from the world's second largest economy.

The European Union will begin charging import duties of 25 percent on a range of USA products on Friday, in response to U.S tariffs imposed on EU steel and aluminum early this month, the European Commission said on Wednesday.

A trade war is brewing between the world superpowers, United States of America and China and this could have dire economic consequences, not just for the two countries but globally too.

Dow members Boeing, Apple and Nike may be targeted by the Chinese as the trade war with the USA rages on, according to The Global Times a state-controlled tabloid.

"The Coming Collapse of China" author Gordon Chang, University of Maryland economist Peter Morici, Mercatus Center senior research fellow Veronique de Rugy and MAGA ETF creator Hal Lambert discuss the trade dispute between the USA and China.

On Thursday, Indian imposed tariffs on 29 United States goods worth $ 238 million as a countermeasure.

"It is deeply regrettable that the USA has been capricious, escalated the tensions, and provoked a trade war", Gao said. No other products have been listed twice and it now faces cumulative import duties of 71 percent, not including value added tax, according to a formula published on the website of China's finance ministry last week. "We continue to call on the EU Commission to seek to de-escalate tensions with the USA and Russian Federation to avoid us slipping into a devastating trade war", Mr Lavelle said.

Chinese shares fell 1.2 percent on Thursday on investor worries about the trade dispute, with the Shanghai index languishing at a two-year low.

"We did not want to be in this position".

The Commission this week formally adopted a law putting in place the duties on €2.8bn worth of United States goods entering the single market, ranging from steel and aluminium to sweetcorn, cranberries and peanuts, as well as whiskey, jeans and motor-bikes. "Of course there are risks, those would depend on how we handle those reforms".