China's Ministry of Commerce accused Washington of violating global trade laws and said it would consider reporting the U.S.to the World Trade Organisation on Friday.
There did not appear to be any direct guidance to hold up cargoes, but some customs departments were waiting until they had received official instructions from the central government on whether to start collecting the hefty new import tariffs on hundreds of products, the sources said. "That's the nature of trade wars as well, and while no one is likely to win this confrontation, both sides could certainly lose".
What tariffs are now in effect?
On Thursday, Trump said higher tariffs on an additional $16 billion in Chinese goods were set to take effect in two weeks.
How the newly imposed tariffs will ultimately affect US soybean markets remains uncertain, as exporters scramble to find new ways to funnel their product to China.
Russian Federation is introducing extra duties on a range of products imported from the USA that can be replaced by locally made equivalents.
The US tariffs imposed so far would affect the equivalent of 0.6% of global trade and account for 0.1% of global GDP, according to Morgan Stanley. Eastern time Friday on $34 billion worth of Chinese imports, a first step in what could become an accelerating series of tariffs.
"You saw with China, 50 billion dollars - and another 200 billion dollars, frankly, is waiting". More than 200 S&P 500 reports are due the following two weeks, including from some US firms that could be caught in the middle of a USA trade war with China.
Maarten-Jan Bakkum, a strategist at NN Investment Partners, a Netherlands-based asset manager, said in emailed comments that "protectionist measures by one country could potentially spiral out of control, leading to more retaliation by more countries, eventually affecting a bigger share of Chinese (emerging market) and global exports".
Trump has said the tariffs were imposed to pressure China into abandoning unfair practices like theft of intellectual property. We buy stuff from America, and America is buying stuff from China.
South Asian Network on Economic Modeling executive director Selim Raihan echoed him saying that the ongoing trade war might create uncertainty and depression in global economy.
The tension between these factions is occasionally on display in the West Wing. "What we will likely see happen in the short-term is apples that were destined for export markets will instead overhang the USA market", she said.
What do China and Russian Federation say?
"We are in a trade war", he said.
The group's lobbying efforts have included a social media campaign in which "individual soybean farmers who will be directly affected by the trade conflict attached their photographs to statements appealing directly to the President and his advisors", the group said.
The Trump administration contends that China has deployed predatory tactics in a push to overtake USA technological dominance.
"Isn't that right?" the company owner Li Jiang said.
Will there be a full-scale trade war?
"China would never start a trade war but if any party resorts to an increase of tariffs then China will take measures in response to protect development interests". "There is no obvious end to this", said Louis Kuijs, chief Asia economist at Oxford Economics.