China will fight back firmly with "qualitative" and "quantitative" measures if the United States publishes an additional list of tariffs on Chinese goods, the commerce ministry said, accusing the U.S. of initiating a trade war.
The move comes just three days after the president detailed an initial $50 billion in imports that would be taxed an additional 25 percent, which he said was punishment for the theft of intellectual property from US companies, as well as the trade gap between the two countries.
"I have an excellent relationship with President Xi, and we will continue working together on many issues", Trump said.
The Chinese response clearly angered Trump.
Trump said Monday that China's response "indicates its determination to keep the United States at a permanent and unfair disadvantage".
Tokyo ended the morning session 0.8% down, while Singapore sank more than one percent, Seoul dropped 0.7% and Sydney shed 0.1%.
China's Commerce Ministry responded swiftly to Trump's latest threat, warning that if the Trump administration followed through, China would "have to adopt comprehensive measures combining quantity and quality to make a strong countermeasure".
Due to Beijing matching the total amount of goods hit with tariffs, Trump said on Monday US time that China was "threatening United States companies, workers, and farmers who have done nothing wrong".
That has prompted Mr Trump to up the ante once more in what he regards as an unfair balance in trade between the two superpowers.
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Staff members set up Chinese and US flags for a meeting between Chinese Transport Minister Li Xiaopeng and US Secretary of Transportation Elaine Chao at the Ministry of Transport of China in Beijing, China April 27, 2018.
China had offered to ramp up purchases of American goods by $70 billion to help cut its yawning trade surplus with the United States, whereas Trump had demanded a $200 billion deficit cut.
Trump has repeatedly called on China to end unfair trade practices and theft of US intellectual property.
The tariffs announced by the White House on Friday hit more than 1,100 Chinese products with a rate of 25 percent.
The Canadian dollar weakened to a one-year low of C$ 1.3237 overnight, before paring some of its losses, as investors anxious about Canada's trade feud with the United States.
Initially, 545 USA products valued at $34 billion will be targeted by China, mimicking the Trump administration's tariff rollout.
"China apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology", he said.
However and unfortunately, China has determined that it will raise tariffs on $50 billion worth of United States exports. It's unclear when the list will be made public.
China to hit back if USA rolls out new tariff list.