The dollar is up 2.45% this year.
"As for possible impacts on businesses from the trade war initiated by the United States, we will keep assessing the situation and make efforts to help [foreign] businesses to mitigate any possible impacts", Gao said.
Trump ran for the White House on a vow to reverse decades of US policy by scrapping deals that he said put American manufacturers at a competitive disadvantage and by forcing USA trading partners to shrink their trade surpluses with the United States.
Friday's long-expected China tariff volley fuelled fear that a prolonged and escalating battle would hurt global trade, investment and growth, while also damaging US farmers who stand to lose revenues and potentially driving up food prices in China. "Changes in trade policy could cause us to have to question the outlook", he said during a panel talk in Portugal.
The direct impact of the imposed tariffs on the two countries' economic growth will be modest because the value of goods involved accounts for only a sliver of bilateral trade, but the impact on targeted industries will be significant, some analysts said.
"Tariffs will bring retaliation and possibly more tariffs", said Jay Timmons, president of the National Association of Manufacturers. Hardliners such as Peter Navarro, a trade policy adviser, says the U.S. is defending itself against an "aggressive" China.
How did we get here?
Ford Ends Cap-and-Trade Carbon Tax Era in Ontario
A spokesman for Ford said the ministers' offices are not now staffed and requests for comment should go to the premier's office. On Tuesday afternoon, the federal government was already criticizing the change in direction at Queen's Park.
The dispute reflects foreign frustration with China's state-led industrial development strategy, which Washington, Europe, Japan and other trading partners say hurt their companies and violate its market-opening commitments. Asian equities wobbled but also managed to end up.
In particular, the United States "will impose a 25% tariff on $50 billion of goods imported from China containing industrially significant technology, including those related to the "Made in China 2025" program", the statement said.
Peay said his company had invested heavily in expanding overseas markets in the past few years in hopes of growing his business into a virtuous cycle, but the tariffs have put that in harsh perspective. He added that for now, "He's called the bluff of other countries that have basically been abusing. our workers for a long time".
Faced with President Donald Trump's threat to target United States imports of cars from Europe, German and French government officials plan to meet next week in Paris to coordinate strategy. The products, all sold on Chinese e-commerce platforms, ranged from pet food to mixed nuts and whiskey.
Ford Motor Co said on Thursday that for now, it will not hike prices of imported Ford and higher-margin luxury Lincoln models in China.
The American tariffs are the result of Mr Trump's attempt to protect United States jobs and stop what he calls "unfair transfers of American technology and intellectual property to China".
Distillers are anxious that retaliatory tariffs, not only from China but Europe and Canada as well, could stunt their sales and slow expansion and hiring plans. "We've generally seen freer and freer trade since World War II, and now we seem to be reversing that", David Dollar, senior fellow at the Brookings Institution in Washington and a former U.S. Treasury attache in Beijing, said in a Bloomberg Television interview on Thursday.
After that, the hostilities could intensify: Trump said the U.S.is ready to target an additional $200 billion in Chinese imports - and then $300 billion more - if Beijing does not yield to USA demands and continues to retaliate. "So we have 50 plus 200 plus nearly 300".
While the USA tariffs aim to cut down the trade deficit, there are worries about how China's retaliatory tariffs will hit the USA economy.