China's foreign minister said trade protectionism and unilateral actions were "short-sighted" and in a statement on Friday called on European counties to work with China to safeguard a globally free trade system.
"China promised not to fight the first shot, but in order to defend the core interests of the country and the interests of the people, we are forced to take the necessary countermeasures", China's commerce ministry said in a statement.
"After the United States unfairly raised tariffs against China, China immediately put into effect raised tariffs on some USA goods", Lu said.
Beijing said it would be "forced to make a necessary counterattack" after U.S. tariffs on $34bn of Chinese goods came into effect.
The Commerce Ministry on Friday criticized Washington for "trade bullying" following the tariff hike that took effect at noon Beijing time in a spiraling dispute over technology policy that companies worry could chill global economic growth.
With that now looking likely there are fears the world faces a wide scale trade war - with the USA also targeting Europe and Canada.
Trump on Thursday said higher tariffs on an additional US$16 billion of Chinese goods were set to take effect in two weeks. Part of his plan is to radically change how United States trade deals work and to focus on protecting the domestic economy. Of the total, those on 818 products, such as cars, aircraft and industrial robots covering $34 billion, went into effect on Friday. USA soybean farmers have been particularly concerned, and the price of soybeans has plunged 17 percent over the past month on tariff fears. Some economists question the accuracy of the official figures, yet the US Census Bureau shows America bought $376bn more of Chinese goods than the total value of all US goods sold in the Asian country past year.
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Shaun Rein, managing director at the China Market Research Group in Shanghai, said the Chinese government's next play could be to stoke anti-American sentiments among consumers - similar to the boycotts it ordered past year on South Korea's Lotte Group, which caused dozens of the company's convenience stores to shutter.
"We urge the two governments to come back to the negotiation table with the aim of having productive discussions based on achieving results - focused on fairness and reciprocal treatment - instead of escalating the current situation", said Zarit of the American Chamber of Commerce.
Oreshkin said that Russian steel and aluminum makers suffered $537.6 million in damages from the new USA tariffs.
"If these tariffs aren't straightened out here within the next month or two, that the economic recession here in Louisiana will be felt by retailers and everything because Louisiana grows 1.3 million acres of soybeans", said Louisiana Soybean Promotion Board Chairman and St. Landry soybean farmer Charles Cannatella. "To put it simply, the United States is firing at the whole world".
"We're now looking at a 25 percent tariff on every single soybean that we try to sell to China", said Kirk Merritt, OSA executive director. The rest of the world would suffer collateral damage, even if the USA were to refrain from penalising imports from other countries.
Trump ran for the White House on a vow to reverse decades of US policy by scrapping deals that he said put American manufacturers at a competitive disadvantage and by forcing USA trading partners to shrink their trade surpluses with the United States.
Some U.S. companies scrambled Friday to reach China before the tariff deadline. A spokesperson for the Juice Products Association said they will have a "detrimental" impact on "the USA juice industry and hurt consumers who enjoy quality American juice products".