China suspended on Tuesday the soybean import licenses of three U.S. firms and halted imports of U.S. lumber, stepping up retaliatory action after the United States imposed additional tariffs on Chinese goods.

Trump's moves effectively launched new trade conflicts with the U.S.'s top three trading partners and threatened to upend two-way annual trade worth, according to data from the Office of the U.S. Trade Representative,

President Donald Trump's broad tariffs on imported goods from Mexico and Canada went into effect on Tuesday, along with increased duties on goods from China.