Firstly, China's counter measures are limited in scope compared to Donald Trump's levy of 10% on all Chinese goods heading to the US. America is the biggest exporter of liquid natural gas across the world, but China accounts for only around 2.3% of those exports and its major car imports are from Europe and Japan.

The world’s two largest economies did not strike a deal to avert sweeping U.S. tariffs, which came into effect after midnight. Beijing immediately retaliated.

After a 10 percent tariff on Chinese products took effect on Tuesday, China announced retaliatory measures, including tariffs and an investigation of Google.