U.S. officials are preparing a review of China's "market-economy status" under the World Trade Organization, according to official documents on the Commerce Department website.

"China and others need to realize that the games are over — continuing their unfair trade practices and operation as a nonmarket economy will have serious consequences," the Commerce Department said in a statement.

U.S. labor unions last week applauded the review and urged the Trump administration to avoid granting market-economy status. "The preferential status China is seeking would allow them to dump more unfairly priced products into the market, while claiming to abide to market economics," said Leo Gerard, president of the United Steelworkers union, in a statement.

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