On Friday, China's foreign ministry responded to US President Donald Trump's latest threat, saying that the US must give up its illusions and share some responsibility to come back on track to resolve their trade dispute.

Hua Chunying, spokesperson for the Chinese foreign ministry in a daily press briefing also said that Beijing will take countermeasures if the US commits to adding more tariffs on Chinese goods, a Reuters report said.

She also said that while China does not want a trade war, it is not afraid to fight one.

On Thursday, in a series of tweets, Trump said that he will impose a "small" additional tariff of 10 percent on the remaining $300 billion worth of Chinese goods (not earlier targeted by American tariffs) with effect from 1 September.

If the tariffs are imposed, it will mean that all Chinese goods entering US territories will now be subject to some kind of duties.

Investors are now concerned that an escalation in the long-running trade war between the two largest economies in the world could further disrupt global supply chains. It was a surprise considering that the representatives of the two countries had met just a weak earlier to negotiate.

The trade war has hampered the financial markets for more than a year now, contributing the global economic slowdown.