Beijing’s response comes as the US imposed a further raft of economic sanctions totalling $200billion and banned the nation from buying military hardware from Russia.
On Monday a 71-page White Paper released by the ruling Communist Party of China, led by president Xi Jinping, hitting back at the unilateral tactics of the Trump administration.
It warned that China “does not want a trade war, but is not afraid of one and will fight one if necessary.“
The paper appeared to stop short of uissuing outright threats against the U.S.
The paper was published in full by state media outlets such as the People’s Daily and Xinhua, echoing the party line rhetoric on the issue.
The paper addressed the crippling sanctions imposed by the US on Chinese goods, as well trade imbalances, Beijing’s Subsidy policy and alleged intellectual property theft by Chinese companies – particularly state owned tech companies such as Huwaei, which are banned from the US.
The paper also reiterated the size and volume – as well as the influence – of Chinse markets on the global economy, while blasting President Trump’s trade wars with multiple countries such as Russia, Iran and China.
The paper read: “We have a highly resilient economy, an enormous market, and the hard-working, talented and united Chinese people.
“We also have the support of all countries in the world that reject protectionism, unilateralism and hegemony.”
“The US government has taken extreme trade protectionist measures, which have undermined the international economic order, caused damage to China-US trade and trade relations around the world, disrupted the global value chain and the international division of labor, upset market expectations, and led to violent swings in the international financial and commodity markets.
“It has become the greatest source of uncertainty and risk for the recovery of the global economy.”
The document comes as tensions begin rapidly mount between the two nations, followign months of trade disputes and threats between Mr Trump and Mr Jinping.
The trump administration’s tariffs came into effect on Monday, prompting retaliations on US imports of around $60billion worth of goods.
This is a breaking story. More to follow.