US President Trump will impose tariffs of 25 percent on imported steel and 10 percent on imported aluminum this week, but according to the White House, there could be a 30-day exemption for Mexico and Canada and some other countries based on national security.
The United States ran a $76.5 billion deficit in the trade of goods, which was partially offset by a $19.9 billion surplus in services such as education and banking.
"In our globalized era, those who resort to commercial warfare are going to be choosing wrong remedy, y are not going to do anything but penalize ors, damaging mselves", Wang said at a press conference.
"The outcome will only be harmful".
"The Chinese dragon and Indian elephant must not fight each other but dance with each other", he had said, adding that "if China and India are united, one plus one is not equal to two but eleven".
"China's position is firm and consistent", said Mr Wang.
Trump is also demanding a rewrite of the 1994 North American Free Trade Agreement with Mexico and Canada in an attempt to reduce the USA trade deficit with Mexico and to shift more auto production north of the border.
He pointed out that as a permanent member of the UN Security Council, China takes seriously of its responsibility for maintaining global security.
The dispute has fuelled concerns that soybeans, the United States' most valuable export to the world's second largest economy, might be caught up in the trade actions after Beijing launched a probe into imports of US sorghum, a grain used in animal feed and liquor.
Trade tensions between the world's two largest economies have risen since Trump took office in 2017, and although China only accounts for a small fraction of USA steel imports, its industrial expansion has helped produce a global glut of steel that has driven down prices.
"On paper, China has more to lose from a trade war it exports far more to the United States than it imports".
Trump is also considering trade sanctions against China under a "Section 301" investigation into its intellectual property practices and pressure on foreign companies for technology transfers. The talks focused heavily on the trade deficit, as well as the need for greater market access in China.
While many act as if Trump's actions will start a massive trade war that will destroy the United States and the world economy, they ignore the fact that doing nothing to punish unfair trade will hurt the world economy.
But the tensions with the United States are clouding the outlook for exports, while a cooling property market may curb domestic demand for imported raw materials such as iron ore.