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China accused the United States of starting the "largest trade war in economic history". However it says retaliatory duties on U.S. exports imposed by China, the EU, Canada, Mexico and Turkey are completely without justification under worldwide rules.

Figuring out China's next steps will be critical for the Chinese economy-and the future of the regime.

With business demand being potentially hit, the right way for China to respond to the trade war is for it to ease its monetary policy or to enact fiscal measures, they suggested. "It knows how to open up".

The Trump administration is readying tariffs on another $200 billion in Chinese imports, ranging from burglar alarms to mackerel, escalating a trade war between the world's two biggest economies.

"We need new rules in the areas of industrial subsidies, intellectual property and forced technology transfers, the reduction of trade costs, as well as a new approach to development and more effective dispute settlement", Tusk said.

Critics of Beijing's policies say foreign firms are competing with Chinese rivals backed by massive, market-distorting subsidies and government support, issues not sufficiently addressed under WTO rules.

The ministry pointed out that the countermeasures were needed to protect not only the national interests but also the whole system of the worldwide trade.

"High-value crustaceans, tilapia, shrimp, and squid trade flows between the USA and China are expected to slow down".

Asked whether China used Monday's meeting to try to form an alliance with the European Union against Washington, Li said the dispute was a bilateral matter for Beijing and the United States to solve. The U.S. accounts for more than 30 percent of China's total consumption of the plant product.

"It is the common duty of Europe and China, but of America and Russian Federation as well, to be careful not to destroy that world order, but rather to improve it, and not engage commercial battles which, so often throughout our history led to open conflicts", he added. "But given that the line of thinking does not take into account how tariffs will affect business sentiment, investment and growth in China". So supporters of free trade and opponents of self-defeating protectionist policies should encourage all the major players to stand by the WTO as a viable channel for solving trade disputes, as a starting point for an effort to reform the organisation.

"Speaking with facts and figures, the paper clearly shows that China has fully fulfilled its commitments in terms of tax reductions on goods, opening of trade in services, and non-tariff measures including import quotas", she said.

China's banks drawn-out a record 12.65 trillion yuan ($1.88 trillion) in loans in 2016 as the government encouraged credit-fueled stimulus to meet its economic growth target.

But Renmin University professor Yu Chunhai, who co-authored the report, cautioned that the basis of cooperation between China and the EU cooperation was "not solid as we thought" because there was not much European involvement in the value chain of US-bound Chinese products.