The additional tariffs on US goods that China said it would impose are set to take effect on Monday.

The measure is believed to be a response to the new duties that were placed on Chinese products by US President Donald Trump's administration.

Beijing previously said that it would put a 15 percent tariff on US coal and liquefied natural gas. It added that it would impose a 10 percent levy on goods, such as crude oil, agricultural machinery and large-engine automobiles.

If the tit-for-tat tariffs lead to a US-China trade war, the global economy will inevitably be affected.

Observers are wondering whether the US and China will hold discussions to try to prevent the situation from escalating.