U.S. tariffs will inflict significant harm on the U.S. economy as other countries hit back with "high tariffs" on American goods, Chinese state media warned, leaving the door open for more measures by Beijing as another wave of levies looms.

As President Donald Trump on Thursday contemplated extending a global trade war to imports from Europe, the health-care industry is gauging potential fallout from tariffs levied on goods imported from China.

China’s exports to developing markets have soared, opening indirect routes to the U.S. market that officials in Beijing worry may be closed under pressure from President Trump.

China has announced a wide-ranging “special action plan” to promote domestic spending, in an effort to counter the economic impact of tariffs imposed by US President Donald Trump.

The plan comes as levels of consumer demand in China have suffered various setbacks in recent years, due to factors such as COVID-19 disruptions and a prolonged property slump, chilling the propensity of households to spend and adding to deflationary trends.