President Trump sharply raised the stakes in the developing trade war with China late Monday, asking for recommendations for $200 billion in additional Chinese goods to face 10% tariffs.

The move comes in the wake of China's decision to match last week's imposition of tariffs on an additional $50 billion in imports from China.

Trump said in a statement that he has ordered the U.S. Trade Representative to identify $200 billion in Chinese goods that will face additional 10% levies and that if China matched that next round of tariffs he would seek tariffs on yet another $200 billion in goods from China.

After Trump on Friday set in motion about $50 billion worth of tariffs on imports from China, stocks tumbled. The administration justified those tariffs on the basis of intellectual property theft perpetrated by China. And even before the White House confirmed those tariffs Friday afternoon, Beijing said its response would be immediate and vowed to "take necessary measure to defend our legitimate rights and interests." China also called on other countries to take action.