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The list includes agricultural products, minerals and consumer goods such as handbags, among other items.

A public comment period, during which the Office of the U.S. Trade Representative is seeking comment to the Section 301 Committee, runs through August 17. Ryan reiterated his opposition to the president's tariffs Wednesday, saying they "are not the right way to go". With little sign of continued formal negotiations, the two powers appear headed toward a protracted trade conflict that may undermine growth and shake up corporate supply chains. On Friday, China accused Trump of trade bullying and setting off a chain of possible adverse effects for US consumers, as well as those overseas.

Unilateral trade actions can be disruptive and may even prove counterproductive to the functioning of the global economic and trade system, said Christine Lagarde, the managing director of the International Monetary Fund. They have given no indication when they might meet again.

US Trade Representative Robert Lighthizer said China's retaliatory tariffs were "without any worldwide legal basis or justification".

The heightened trade tensions pose risks to South Korea, Asia's fourth-largest economy, as both the United States and China are the country's major trading partners.

A possible second round of tariff hikes announced Tuesday by the U.S. Trade Representative targets a $200 billion list of Chinese goods.

Retail Industry Leaders Association vice president of worldwide trade Hun Quach said in a statement that, "The President has broken his promise to bring 'maximum pain on China, minimum pain on consumers, ' and American families are the ones being punished". They warned tariffs on imports raise consumer prices and expose USA farmers and manufacturers to retaliation. The first round of tariffs covered Chinese products ranging from farming plows to machine tools and communications satellites.

China immediately retaliated with duties on the same value of USA goods, including soybeans and cars.

The United States is already working on a second wave of tariffs on Chinese goods worth $16 billion. China has vowed to retaliate dollar-for-dollar to any further United States tariffs.

If the second $200-billion blow is enacted, that brings the total to $450 billion in levies on Chinese goods. The index had gained for the past two sessions, having enjoyed a lull from the trade war fears that lashed global markets last week.

China has said it will have to take what it called necessary counter-measures after the U.S announced plans for more tariffs on imports.

"With the announcement from the U.S on the Chinese tariffs, the reaction on the policy side from China will be the key event to watch in the coming days", said Shinichiro Kadota, senior FX strategist for Barclays in Tokyo.


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