China has imposed tariffs on nearly $14 billion worth of American imports, including crude oil and liquefied natural gas, following the US's imposition of 10 percent tariffs on Chinese goods.

These measures came after the failure of a phone call between President Trump and Chinese leader Xi Jinping, which could have avoided an escalation of trade tensions.

The two countries are holding out for a deal, although tensions have begun to rise, CNN reported.

"Beijing has reacted cautiously because of the small impact on the economy and to leave room for negotiations with the US," according to Andy Rothman, CEO of advisory group Sinology.