Meanwhile, China's Ministry of Education has issued a warning for students considering studying in the U.S. The new advisory comes after the state of Ohio passed the Higher Education Act, which includes provisions negatively impacting Chinese-American academic exchanges.

The trade war between China and the US, escalated by Mr Trump’s levies, has rattled global markets and raised fears of an economic slowdown. The Chinese finance ministry described the American tariff hikes as a “mistake on top of a mistake” and accused the US of undermining international trade norms.

China retaliated against new tariffs imposed by President Donald Trump by announcing it would raise duties on US goods, roiling markets and deepening a trade war between the world’s largest economies.