Stock markets rose Wednesday as investors rallied around signs that the global economy was on track despite heated exchanges between the world's two largest economies over trade.
The world's most valuable publicly traded company does almost all of its manufacturing and assembly in China, the culmination of a long and complicated electronics supply chain that stretches around the world and ends with the Chinese-made iPhone you may be reading this story on.
On Friday, the U.S. chose to impose 25% tariffs on $50bn of Chinese products.
The White House said Monday evening that if China goes through with its promise to retaliate against the USA tariffs announced last week, the United States will impose tariffs on an additional $200 billion worth of Chinese goods.
"These tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced", Trump said in a statement.
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The trade spat between President Donald Trump and China is heating up, with tariff threats escalating.
The move followed tariffs applied last week on $50 billion in Chinese imports to the US.
Neither side has yet imposed tariffs on the other in their growing dispute over technology and the US trade gap; the first round is to take effect on July 6.
The mention of "comprehensive measures" suggests Beijing might go beyond tariffs, said Jake Parker, vice-president for China operations of the U.S. The US ignores the consensus the two sides had reached, and acts capriciously by once again provoking a trade war.
The Dow Jones industrial average lost 292 points, or 1.2 percent. Chips from non-Chinese wafer fabs sold to American companies that pass through those facilities likely would not be hit.
The S&P/TSX composite index closed down 67.10 points at 16,316.53, led by losses in the base metal sector.
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If the United States publishes a new list of tariffs, Beijing will take strong countermeasures to safeguard the interests of China and its people, the ministry said. Trump claimed that unilateralism in trade is good for the US.
Companies that do a lot of business in China were among the biggest losers on the Dow on Tuesday. In April the Commerce Department blocked ZTE from buying US components for seven years, a move that amounted to a death sentence for the company.
Tariffs on other United States goods will be announced at a later date, the Xinhua news agency reported.
The survey was conducted in February and March, before the latest escalation in U.S. The first round of penalties announced by both nations is set to take effect on July 6. China couldn't come close to matching America's tariffs on $450 billion of Chinese exports. Soybeans are on the list - a direct shot at a swath of Trump supporters in the American heartland.
Smaller, more USA focused stocks were doing better than more internationally-focused US stocks, said Mokhtari.
Several industry groups covering everything from auto manufacturers to winemakers sent a letter to GOP lawmakers urging Congress to step in to block Trump's tariffs. They included tariffs on steel and aluminum imports and a combative stance on trade negotiations from North America to Asia.
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Pompeo said he raised the issue with Chinese President Xi Jinping.