They have stirred fears that the two countries will spiral into a trade war that will crush global growth.
As the US made a decision to impose extra tariffs on goods imported from China to punish the country for theft of intellectual property of American companies, the trade war between two countries began. Successful farming cited that it benefits China to buy meat from large private pork producers in the United States that have integrated into packing because US pigs are regulated by the United States Department of Agriculture (USDA) to guarantee they are not injected with antibiotics and are disease free, unlike Chinese producers.
China has said the timing of the imposition of its tariffs will depend on Washington's future actions. It took China less than 12 hours to respond, hitting 106 USA products with similar tariffs.
Despite President Donald Trump's boast that "trade wars are good and easy to win", this one could impose heavy casualties on both nations and the global economy.
"Chinese officials will likely offer some strong concessions to make sure we avoid a trade battle with Washington", the scholar told me. Trump has said he will pass extra tariffs on China after it imposed $3 billion of tariffs on USA products, such as fruits, nuts and wine.
China appeared to be angling to inflict political costs on Trump by striking at signature USA exports, including soybeans, frozen beef, cotton and other agricultural commodities produced in states from Iowa to Texas that voted for him in the 2016 presidential election.
Trump hit back again late Thursday by instructing trade officials to consider tariffs on an additional $100 billion in imports. "The country has never surrendered to external pressure, and it will not surrender this time either", Xinhua said.More news: RCMP say cause of fatal Humboldt Broncos bus crash still unknown
"We have the backs of farmers in this administration", Navarro told CNBC in an interview. After a series of tit-for-tat measures, the two countries have announced in all tariffs on over $100 billion of combined goods.
Another factor that pressured markets was the March jobs report, which showed the USA economy far fewer jobs last month than expected.
Asked by a reporter on Wednesday if China would reduce its U.S. Treasury holdings in retaliation, Vice Finance Minister Zhu Guangyao reiterated China's long-standing policy regarding its foreign exchange reserves, saying it is a responsible investor and that it will safeguard their value.
China is the world's top copper consumer, and earlier this week it announced retaliatory tariffs on $50bn (£36bn) worth of USA goods, including vehicles and soybeans.
China has threatened its own tariffs on USA products like pork and soybeans. Nor would the White House have coupled the announcement as it did with a letter to Beijing from Mnuchin and U.S. Trade Representative Robert Lighthizer inviting talks.
Beijing says Washington is the aggressor and is spurring global protectionism.
The list follows an investigation last fall which determined unfair practices and policies by the Government of China relating to intellectual property, technology transfer and innovation. China wasted no time in firing back with 25 percent tariffs on imports of 106 US products covering everything from soybeans, automobiles, chemicals and aircraft. It could meddle with USA supply chains by disrupting shipments from Chinese factories to American companies.
The United States and China - two of the world's largest economies - have locked their horns over a trade war at the moment. Also on the list were American beef, whiskey, passenger vehicles and industrial chemicals.