U.S. President Donald Trump said July 5 that the U.S. may eventually impose tariffs on more than $500 billion worth of Chinese goods, while confirming that his previously-announced tariffs on $34 billion worth of Chinese goods would become effective at 12:01 a.m. EST on July 6.

"You have another 16 (billion dollars) in two weeks, and then, as you know, we have $200 billion in abeyance and then after the $200 billion, we have $300 billion in abeyance. Ok? So we have 50 plus 200 plus almost 300," Trump added.

His statement follows China's warning that the negative impacts of U.S. tariffs on $34 billion of China's exports would hurt not just the U.S. and China but also the global industry chain.

China's Ministry of Finance in a statement on July 4 said Beijing would immediately respond in kind the moment that duties on $34 billion of Chinese goods take effect but will not "fire the first shot" in a trade war with the U.S.