Meanwhile, Beijing is warning that it's not afraid to fight a trade war if there are no other options left. Our reporter, Wang Hui, explains.

The US released a new list of Chinese goods on Tuesday, valued at 200-billion dollars on which it said it was ready to impose an extra 10 percent tariff.

At a press briefing on Thursday, the Chinese Commerce Ministry said America's protectionist strategy was affecting much more than China.

GAO FENG CHINESE COMMERCE MINISTRY SPOKESPERSON "America's move is escalating the trade war more rapidly, which has raised severe concerns in the international community. It is bringing the global economy into a trap of uncertainty. If these measures are implemented, it will affect more innocent companies and consumers. It will be present a huge drag on the world's economy and even make it decline. China firmly opposes America's bullying, and will look to make the necessary retaliation."

China responded in kind to America's tariffs on 34 billion dollars worth of Chinese goods late last week.

The commerce ministry spokesperson denied that the two sides had discussed resuming trade negotiations, saying America's lack of credibility removed any chance of that for now.

On top of that, he said it was Washington's responsibility to end the impasse..

GAO FENG CHINESE COMMERCE MINISTRY SPOKESPERSON "Whether the scale of the trade war will be expanded, it totally depends on the US. Escalating the trade war will not only resolve any problems, but also bring many problems."

However, Gao said Beijing was happy to put the trade dispute to one side and continue to welcome American companies into China, including the electric vehicle producer, Tesla.

The company recently announced it would build a factory in China's largest city, Shanghai.

He added the country was determined to continue on its path of liberalizaion and reform to attract more foreign investment.

WANG HUI BEIJING "The spokesman said Washington's tariffs would affect foreign companies in China, including American ones, but Beijing would continue to look for ways to improve China's business environment, and better protect the legitimate rights and interests of foreign companies here all to promote China as a more attractive destination for investment."