The move comes after on Friday US President Donald Trump chose to impose 25 percent tariffs on $200 billion worth of Chinese goods, also warning that Beijing should strike a deal, or the situation would be "far worse" for China.
While promoting his policy of enacting steep tariffs to force China (as well as other nations) to agree to his preferred trade deals, President Donald Trump has repeatedly insisted that it will be China, not the United States, who will foot the bill for these policies.
Trump has since ordered U.S. Trade Representative Robert Lighthizer to begin the process of imposing tariffs on all remaining imports from China, a move that would affect another $300 billion worth of goods.
Wall Street's main indexes were set to drop almost two per cent on Monday after Beijing announced plans to retaliate with tariffs on US goods, raising fears that another round of tit-for-tat measures could push the USA economy toward recession.
The editor of the party-owned Chinese newspaper Global Times said on Twitter that Beijing was considering additional actions, including dumping US Treasuries, ending US agricultural purchases and reducing orders for Boeing airplanes.
Beijing said on Monday it would "never surrender" to external pressure, and its state media kept up a steady drum beat of strongly-worded commentary, reiterating that the door to talks was always open, but vowing that China would defend its national interests and dignity. It said the tariffs will take effect on June 1.
"The president and his administration have failed to realize we're stronger when we work with our allies on every issue - China included", she said on CNN's "State of the Union". The U.S. increases apply to Chinese goods shipped since Friday, and those shipments will take about three weeks to arrive at U.S. seaports and become subject to the higher charges.
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Kudlow broke with the president's long term, official line that Chinese exporters pay tariffs, however, a claim which has long since been debunked: tariffs are paid by importers to release a product from the dock at which they enter a country.
Kudlow did hold out a prospect on hope over the ongoing trade war on Sunday when he added that there is a "strong possibility" that Trump will meet Chinese President Xi Jinping at a G-20 summit in Japan in late June. "China should not retaliate-will only get worse!"
But Liu downplayed the level of tensions, saying China could cope with the challenges posed by the trade dispute. "Buyers of product can make it themselves in the US (ideal), or buy it from non-tariffed countries". What that means for soybean growers is that we're losing.
"Many tariffed companies will be leaving China for Vietnam and other such countries in Asia".
As the trade dispute extends, investors expect tariffs to increase corporate costs, lower profit margins and hinder the ability of companies to plan or make capital expenditures. "In fact, both sides will pay". Economists say Chinese leaders probably reject that as a violation of Chinese sovereignty.
"China's adjustment on additional tariffs is a response to US unilateralism and protectionism", the ministry said. The U.S. and China together accounted for some 34 percent of total oil consumption in the first quarter of the year, according to the Paris-based International Energy Agency. The Nasdaq added 0.1% to 7,916.94, while the Russell 2000 index of small company stocks picked up 0.2% to 1,572.99.
"It's no big deal".