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The United States and China had a heated exchange on Thursday, with U.S. Secretary of State Mike Pompeo accusing the chief executive of Huawei Technologies of lying about his company's ties to the communist government and Beijing saying Washington must end its "wrong actions" if it wants trade talks to continue.

The two leaders are expected to meet face to face on the sidelines of the G20 late next month, and USA and Chinese officials have both indicted that the trade war can only be resolved by Trump and Xi.

However, it is also true that the fact that the President actually asked the people of the country to prepare for tough times ahead, could also be an indication that China is bracing for a long term trade war with the US.

Joly says it's too early to know what might cost more if the trade war escalates since it's not yet known which goods will be on the tariff list.

Trump said last month that he would end preferential trade treatment for India, which would result in United States tariffs on up to $5.6 billion of imports from India.

The growing tally comes as the result of the Trump administration hiking tariffs to 25% from 10% on $200 billion in Chinese goods, which took effect almost two weeks ago.

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The tariffs will instead be paid for by companies importing goods into the USA and are often passed on to USA consumers in the form of price hikes, a reality acknowledged by Trump's own top White House economic adviser Larry Kudlow. China has also retaliated with tariffs on US corn, pork and other products.

The latest bailout comes atop $11 billion in aid Trump provided farmers a year ago.

The New York fed economists' calculations didn't take into account President Trump's proposed expansion round of 25% tariffs on another $300 billion in Chinese imports of consumer goods - from clothes and shoes to iPhone components, or basically everything else that remains of goods imported into the USA from that country.

Trump made the remarks during a free-wheeling news conference after touting a plan rolled out by his administration to provide the country's farmers with an aid package to combat the effects of the trade war, which have hit them particularly hard.

He reiterated China's criticism of US efforts to restrict commercial cooperation with equipment maker Huawei and other Chinese high-tech firms.

Lu said at a Foreign Ministry news briefing that China has reiterated that its door is always open, but negotiations must be meaningful and conducted with sincerity.

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While China has not said whether or how it may retaliate against the measures targeting Huawei, state media have taken an increasingly strident and nationalistic tone and vowed Beijing will not bend to U.S. pressure.

Trump has imposed tariffs on foreign steel and aluminum and thousands of Chinese products.

The tariffs were increased even as US-China trade talks were underway.

Meanwhile, while previously, President Trump accused China of reneging on its commitments in the trade talks, China has sought to turn the tables and accused the United States instead.

Part of the aid package could include direct payments to USA farmers of $2 per bushel for soybeans, Bloomberg reported this week.

The talks between the USA and China appeared to have stalled as it is unclear what the two sides would negotiate, CNBC previously reported.

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