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The move comes just three days after the president detailed an initial $50 billion in imports that would be taxed an additional 25 percent, which he said was punishment for the theft of intellectual property from USA companies, as well as the trade gap between the two countries.

"This practice of extreme pressure and blackmail deviates from the consensus reached by two parties through many negotiations, and it also disappointed the worldwide community", said a forcefully worded statement from the Commerce Ministry.

If the tariff hike goes ahead, "China will have to adopt comprehensive measures that combine quantity and quality", the statement said.

It was not immediately clear when the new tariffs could be put in place, as the trade office has yet to identify the Chinese goods to be penalised or conduct a legal review.

U.S. Secretary of State Mike Pompeo spoke to a business group in Detroit, Michigan on Monday.

USA business groups said members were bracing for a backlash from the Chinese government that would affect all American firms in China, not just in sectors facing tariffs.

Two decades ago, China's economy was largely fuelled by exports, but it has made progress in rebalancing towards domestic investment and consumption since the global financial crisis erupted last decade - limiting the damage trade tariffs could inflict on Beijing.

China's heavily regulated economy also gives officials the option of tying up companies with tax, anti-monopoly or other investigations.

A paper published by Canadian think tank the CD Howe Institute suggests that Mr Trump's threats are having an effect on United States manufacturing by using "uncertainty as a new weapon in trade protection".

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The Commerce Ministry criticized Trump's order to prepare tariffs on $200 billion of Chinese goods as blackmail.

"Everyone knows. China is the main perpetrator", he said.

He threatened even more tariffs if Beijing again hits back with tit-for-tat duties on American goods. China buys around $1 billion worth of American sorghum each year.

After all, the U.S. sells much less to China than the other way around.

"Every asset class is affected now by the U.S".

And as Mr Trump increases the range of goods subject to tariffs it becomes harder for American importers and consumers to avoid the cost by finding alternative suppliers.

USA stock markets fell sharply on Tuesday morning, following similar drops across the world, as investors feared that escalating tensions could trigger an global trade war.

But, he said, "the United States will no longer be taken advantage of on trade by China and other countries in the world".

Trump, pursuing his "America First" policy, has been insisting that China has been unfairly benefitting from a massive trade imbalance with the U.S., now estimated to be United States dollars 376 billion. Tokyo's benchmark Nikkei index dropped more than 1.7 percent on June 19, with investors jittery over US-China trade tensions and a strong yen.