As the Trump administration hits China with a series of sanctions, a high-profile Chinese economist says Beijing can respond with countermeasures that involve restricting pharmaceutical exports to the United States.

Speaking in an interview with a Chinese news website, Li Daokui, a professor of finance at Tsinghua University, reprimanded Washington for moving to ban designated Chinese companies from buying chips in the U.S. 

"They have been weaponizing these matters to hurt us. But they are not the only one with a weapon. We also have our own cards to play," Li said. "To counter these unreasonable moves, we can limit our supplies of drug supplies to the U.S."

Li said more than 90 percent of the raw materials needed to make vitamins and antibiotics are produced in China. 

"Of course, we will not take the lead in doing this, but if the U.S. dares to play dirty, we have these countermeasures."

On the speculation that the U.S. may cut Chinese banks' access to the SWIFT international messaging system, the primary network that powers cross-border transactions, Li said this would present a very real problem, as Chinese banks would be stripped away the capability to operate international businesses.

"If the U.S. really chose to do that, it would be an act of economic terrorism, and we should go after them with our own weapons in the financial area," he added.