Trump says China could face more than $500 billion in US tariffs

• U.S tariffs on $34 billion worth of Chinese goods will kicked in on Friday morning. Another $16 billion are expected to go into effect in two weeks, President Donald Trump said on Thursday.
• Trump's statements reinforce earlier threats that he would escalate the trade conflict if Beijing retaliates.

Justin Sullivan | Getty Images News | Getty Images

President Donald Trump speaks to supporters during a campaign rally at Scheels Arena on June 27, 2018 in Fargo, North Dakota. President Trump held a campaign style 'Make America Great Again' rally in Fargo, North Dakota with thousands in attendance. 

President Donald Trump said on Thursday he would consider imposing additional tariffs on $500 billion in Chinese goods, should Beijing retaliate.

U.S. tariffs on $34 billion worth of Chinese goods kicked in on Friday. Another $16 billion are expected to go into effect in two weeks and potentially another $500 billion, Trump told reports aboard Air Force One on his way to a rally in Montana before the tariffs kicked in.

China implemented retaliatory tariffs on some imports from the U.S., state media reported about two hours later, after new U.S. duties had taken effect.

First “34, and then you have another 16 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 said.

“It’s only on China," he added.

Trump's statements reinforce earlier threats that he would escalate the trade conflict. The dispute with China has roiled financial markets worldwide, including stocks, currencies and the global trade of commodities from soybeans to coal.

— Thomson Reuters contributed to this report.