Saying it was "forced to act", Beijing cast the move as a response to a USA threat, reported last week in The Washington Post, to raise the proposed tariff rate on $200 billion worth of Chinese goods from 10 percent to 25 percent.
Chinese state media are reacting to U.S. President Donald Trump's trade actions against China in diverse ways.
The spat began in April with the Trump administration imposing tariffs on steel and aluminium imports into the U.S. from China, which also retaliated by imposing additional tariffs worth about Dollars three billion on 128 United States products.
Among US products targeted in the latest Chinese salvo were a wide range of agricultural and energy products, including liquefied natural gas.
'We have really rebuilt China, and it's time that we rebuild our own country now, ' Trump said.
"China thinks that negotiations based on mutual respect and mutual benefit are the efficient way to solve trade conflicts", the ministry said in a statement. The inquiry found that Chinese theft of US intellectual property was costing the USA economy billions of dollars.
An array of USA farm exports, chiefly soybeans, already are under Chinese tariffs.
President Trump vowed Saturday to continue imposing tariffs as a central part of his economic agenda and called his critics "fools", pivoting sharply away from the free-trade message that senior advisers had tried to erect in recent weeks.More news: Klopp predicts 'magic things with formation' due to injury crisis
More news: 9-Year-Old Boy’s Lemonade Stand Robbed at Gunpoint
More news: Luxury yacht linked to 1MDB scandal arrives in Malaysia
China's proposed tariffs on USA liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing US energy export prowess.
Since January of this year, the total equities in China's stock market have tumbled by over $2 trillion, and most of the loss is due to the intensifying trade and tariff disputes with the US started by President Donald Trump. It said retaliatory duties of 25 per cent, 20 per cent, 10 per cent or 5 per cent on 5,207 products will be imposed "if the US side persists in putting its tariff measures into effect".
The question is what other tools the two countries may use, once they have no more goods upon which to impose tariffs.
China has already retaliated against some of these measures.
Trump also cited losses in China's stock market as he predicted that the USA market could "go up dramatically" the moment trade deals were renegotiated. "Likewise other countries. We are Winning, but must be strong!"
The president claims his tariffs are "working big time" in helping pay down the debt, reducing taxes and aiding in trade deals.
Speaking to Bloomberg TV yesterday, National Economic Council Director Larry Kudlow said: "We've said many times: no tariffs, no tariff barriers, no subsidies".
"Given China's huge market, its systemic advantage of being able to concentrate resources on big projects, its people's tenacity in enduring hardships and its steadiness in implementing reform and opening-up policies, the country can survive a trade war".
Vaping devices were not included in the first round of products hit with 25% tariffs on July 6th.