China retaliated last week against levies at the same level announced by US President Donald Trump on what he called "liberation day".

It also imposed export controls on seven rare earth elements, including gadolinium -- commonly used in magnetic resonance imaging -- and yttrium, which is used in consumer electronics.

Vice commerce minister Ling Ji told a panel of US company representatives on Sunday that the tariffs "firmly protect the legitimate rights and interests of enterprises, including American companies", his ministry said.

Those levies -- which come into effect on Thursday -- "are aimed at bringing the United States back onto the right track of the multilateral trade system", he told the representatives, including of GE Healthcare and Medtronic.

Also present was a representative of electric vehicle giant Tesla, run by close Trump advisor and tech billionaire Elon Musk, who has extensive business interests in China.

"The root cause of the tariff issue lies in the United States," Ling said.

He urged the firms to "take pragmatic actions to jointly maintain the stability of global supply chains and promote mutual cooperation and win-win outcomes".

The United States exported $144.6 billion in goods to China in 2024, much less than the $439.7 billion it imported, Commerce Department data shows.

Among its exports, key sectors include electrical and electronic equipment and various fuels, alongside oilseed and grains.

Trading floors were overcome by a wave of selling on Monday, in response to the showdown.

The selling in Asia was across the board, with no sector unharmed -- tech firms, car makers, banks, casinos and energy firms all felt the pain as investors abandoned riskier assets.

Among the biggest losers, Chinese e-commerce titans Alibaba tanked more than 14 percent and rival JD.com shed 13 percent, while Japanese tech investment giant SoftBank dived more than 10 percent and Sony gave up 9.6 percent.

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