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The US Congress has strong arguments for obtaining President Donald Trump's tax returns, but first faces a long court battle that could extend into the 2020 presidential election, some legal experts said.

The US soybean industry suffered from a 25 percent tariff slapped on by Beijing in July in retaliation for US tariffs on Chinese goods, which caused a drop in demand in a year that US farmers produced a large crop in anticipation of strong Chinese demand, according to Jack Scoville, vice-president of the PRICE Futures Group.

The US automotive, technology and agricultural sectors are perhaps the hardest hit by the US-China trade dispute.

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The US government on the same day also made a preliminary determination that aluminum sheet imports from China are being subsidized.

The US Commerce Department announced Monday that it is blacklisting 28 Chinese entities that it alleges are involved in rights violations and abuses.

The US sanctions will not only harm the China-US relations and the common interests of the two countries, but also bring substantial damages to US businesses and people, he noted.

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The US economy also showed signs of downside risks due to protracted trade tensions. On Sunday, Goldman Sachs lowered its forecast for US economic growth for the fourth quarter, noting the trade tensions' impact on the economy worsened and the odds that trade tensions would result in economic recession were growing.

The US government on June 24 imposed "hard-hitting" sanctions on Iran, partially targeting Iran's Supreme Leader Ayatollah Ali Khamenei.

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The US stock market also declined with both the Dow Jones Industrial and S&P 500 suffering their biggest single-day losses in more than a month on Tuesday following the White House statement. The statement came ahead of the visit of a US delegation led by Commerce Secretary Wilbur Ross to China between June 2 and 4.

The United States on Wednesday laid down a tough line for modernizing the North American Free Trade Agreement, demanding major changes to the pact that would reduce US trade deficits with Mexico and Canada and increase US content for autos.