It's the first time the US has imposed tariffs aimed just at Chinese goods and follows months of accusations that Beijing stole American intellectual property and unfairly swelled America's trade deficit.
Main US benchmarks are headed for the first weekly gain in several weeks, with a consensus view that this round of tariffs, even if combined with taxes on another US$16 billion in Chinese products, will have a minimal impact on the economy.
The US has more than five times as many trade disputes as China.
Tariffs tend to be economic downers with an impact like sales taxes, which push up costs for consumers and businesses and slow growth.
Hun Quach, vice president of worldwide trade for Retail Industry Leaders Association, said USA retailers will also deal with the fallout from tariffs. That study also found USA soybean production could decline by 15 percent.
Growing jitters over the past few weeks over a stepped-up trading dispute between the world's two largest economies had weighed on the markets well ahead of Friday, when Beijing and Washington launched dueling tariffs on billions in goods.
How did we get here?
External observers have widely criticized this approach, saying such protectionist rhetoric undermines free trade policies that have shaped the global exchange of goods in recent decades.
Beijng's official state newspaper China Daily accused the Trump administration of "behaving like a gang of hoodlums" for increasing the tariffs and said that the White House risked damaging the global economy if it did not reconsider its actions.
Wilson estimated that $1.4 billion to $1.8 billion in North Dakota soybeans are exported to China annually.
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Duties on Chinese goods started at 12:01 a.m. Friday in Washington, just after midday in China. It is also diversifying imports away from America.
He threatened a 10 percent levy on an additional $US200b of Chinese goods if Beijng "refuses to change its practices".
The US economy's strength is emboldening the Trump administration to play hardball in its trade offensive against China.
The Trump administration has been recently slapping tariffs on other countries, claiming that the United States was "being treated unfair on trade", raising grave concerns of a global trade war.
The bank estimates that every $US100b of imports affected by the tariffs represents about 0.5 percent of global trade and 0.1 percent of global GDP.
Bangladesh may also face increased competitiveness in global market on RMG sector as China might put emphasis on RMG in other markets after losing it in United States market.
Friday's tariffs could just be the opening skirmishes in the war, as Trump has vowed to hit as much as $450 billion in Chinese goods, the vast majority of imports. Instead, he should be talking about reciprocity and allowing American companies the same rights in China that America grants Chinese companies when they try to invest and operate in the United States.
The fight could also affect other parts of China-US relations.
Sources of two worldwide leading container shipping companies told Xinhua they estimated the ripple effect of the China-U.S. trade dispute to emerge in the second half of the year.
Gao pointed out that China is an important supporter and participant in economic globalization and the global industrial chain, and many of its export commodities are products made by foreign enterprises in China. The Trump administration has already rejected a deal for China to enter into long-term contracts to increase purchases of energy and agricultural products from the US.