China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods.
The administration will hold hearings on the proposed list late next month.
Mr Trump has threatened to tax $550bn (£415bn) in Chinese products - exceeding America's total imports from China past year.
"The trade dispute between China and the U.S.is a big deal, and to the extent that it goes to a full scale war that potentially is recessionary basically for the global economy so we have to be careful here", Tal said.
China has reportedly issued updated guidelines to its news media, ordering outlets not to attack President TrumpDonald John TrumpEx-FBI lawyer won't attend interview with House lawmakers: attorney Trump officials to release migrants with ankle monitors North Korea state media release photos of Kim at potato farm after Pompeo visit MORE.
So what can China do?
Donald Trump's threat to impose tariffs on an extra $200bn of Chinese imports is causing rising anxiety.
The country's Commerce Ministry earlier threatened "comprehensive measures", which were feared to include harassing American companies in China.
Trump on Wednesday framed his trade actions as necessary to shield American businesses and farmers from harmful trading practices. But obviously that's swamped by the trade in goods. And China fired back by mirroring those numbers.
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The additional tariffs, foreshadowed several weeks ago, were taken in response to China's decision to retaliate against last Friday's USA measures by putting tariffs on the same value of United States exports.
Lighthizer said the initial $50 billion in USA tariffs were aimed at goods that "benefit from China's industrial policy and forced technology transfer practices". But with only $130 billion in goods coming in from America, the Chinese wouldn't even be able to match the $200 billion figure, much less anything above that. Rogers says that, "Before January 2017 all the imports came from China, including Hong Kong".
China does have options for stimulus, with monetary easing or a faster pace of fiscal spending this year on the menu.
NAM urged the Trump administration to negotiate a trade treaty with China. In tweets from Brussels, where he was meeting with North Atlantic Treaty Organisation allies, the president blamed other nations' policies for hurting U.S. agriculture, despite the fact that farm exports have grown in recent years. Steel - a major component in construction - is being hit with tariffs. But if he angers the Chinese enough, they may actually double down on these hardball tactics.
USA crude oil exports to China averaged 330,000 bpd between January and April this year, with February sales to China beating even exports to Canada, according to the EIA.
Both the yen and the dollar are favored as safe-haven investments, but the strength of the greenback suggests investor faith in the USA economy rather than a bid for safety. They have given no indication when they might meet again. Doing so could cause inflation, but only if the USA economy was already badly overheating - in which case, higher interest rates would probably be a good thing. This makes China the tenth-largest destination for US coal exports.
Last year, more USA crude oil was sent to China than any other destination except Canada, the EIA said in an analysis on Tuesday. "You have to allow your counterparty to find a graceful way to give you the outcome that you want". If the tariffs were imposed on Chinese-made hats, he said, he would consider acquiring them from another low-priced country like Vietnam.
But Trump, for his part, showed no sign of reconciling with China.
- Russia - Russia, also hit by the U.S. steel tariffs, announced Friday it was imposing its own 25 percent tariffs on some United States goods. They're the ones buying the exports, after all.