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With support from the Trump administration in the US, the question is whether China will also keep its hands off the iPhone. The White House plans to release a report later Tuesday detailing efforts by China to acquire what Navarro called the "crown jewels" of American technology and intellectual property.

Trump's tariffs target goods the White House says benefit from industrial policies that China's trading partners say violate its market-opening pledges. It said Beijing also was scrapping agreements to narrow its multibillion-dollar trade surplus with the United States by purchasing more American farm goods, natural gas and other products.

The United States and China are sinking into a deepening trade conflict as President Trump threatened this week to impose an additional ten percent tariff on 200 billion US dollars of Chinese goods.

The Trump administration said Friday that it will impose a 25% tariff on $50 billion of Chinese exports. China retaliated by raising import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey.

WATCH: Freeland "strong, measured" retaliatory tariffs to be imposed on U.S.

President Donald Trump just raised the stakes in the fight with China over trade.

Stock markets have fallen around the world in the wake of President Trump's latest tariffs threat to China.

"The trade war waged by the U.S. is against both the law of the market and the development trend of today's world".

"Canadians have no real reason to "smuggle" their shoes because their government is already helping lower their costs through proper trade deals". The United States sold only $130 billion of goods to China a year ago. The sources say that China could play the "national security" card to prevent Apple's contract manufacturers like Foxconn from receiving the constant flow of parts needed to keep iPhone assembly lines running smoothly.

Initially, 545 U.S. products valued at $34 billion will be targeted by China, mimicking the Trump administration's tariff rollout.

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Born in 1956, she was noted by the Guinness Book of Records as being the oldest verified Sumatran orangutan in the world. There are less than 15,000 Sumatran orangutans living in the world at the moment, as per the World Wildlife Fund.

The president said the tariffs were in reaction to China's decision to place similar import taxes on $50 billion in USA goods.

President Trump's announcement to impose additional tariffs on China caused global markets to tumble, . with the Dow now on a six-day-long losing streak.

Trump is moving forward with the measures after months of sometimes fraught shuttle diplomacy in which Chinese offers to purchase more American goods failed to assuage his grievances over a widening trade imbalance and China's aggressive industrial development policies.

"It may not be the end of the matter as United States officials are looking at another US$100 billion of Chinese imports on which they could impose tariffs if desired", he said.

If China looks to raise its tariffs on U.S. goods again, President Trump plans to tack additional tariffs on another US$200bn worth of goods.

For some companies, the exposure to China is far higher: US tech giant Qualcomm generates 63 percent of its revenue in China and needs Chinese authorities to approve its takeover of semiconductor maker NXP.

Kim Hyo-sun tells us more.

"Recently, in disregard of our consensus, the United States demonstrated another flip flop to ignite a trade war. It's not easy but we're getting there", the president said.

Beijing also drew up a second list of $16 billion in chemical and energy products to hit with new tariffs, though it did not announce a date for imposing them.