Asked by reporters outside the White House whether the US could lose a trade war, Trump's top economic adviser, Larry Kudlow, said, "No. I don't see it that way. This is a negotiation, using all the tools.

"What you've got is the early stages of a process which will include tariffs, comments on the tariffs, then ultimate decisions and negotiations. There's already back-channel talks going on," Kudlow separately told Fox Business Network on Wednesday.

US Commerce Secretary Wilbur Ross told CNBC, "It wouldn't be surprising at all if the net outcome of all this is some sort of a negotiation."

If the two countries are unable to come up with a way to settle the dispute, a full-scale trade war could destabilise US-Chinese commercial ties, an important component of the global economy.

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The trade actions will not be carried out immediately, so there may be room for manoeuvre. Publication of Washington's list starts a period of public comment and consultation expected to last around two months. The effective date of China's moves depends on when the US action takes effect.

Washington targeted products that benefit from Chinese industrial policy, including its "Made in China 2025" initiative to replace advanced technology imports with domestic products in strategic industries such as advanced IT and robotics but Beijing's list appeared tailored to inflict political damage.

Washington's list was filled with many obscure industrial items, but China's strikes at signature US exports, including soybeans, frozen beef, cotton and other agricultural commodities produced in states from Iowa to Texas that voted for Trump in the 2016 presidential election.

One of the first opportunities for the United States and China to discuss the dispute is during an April 20-22 meeting of the International Monetary Fund and World Bank in Washington, where finance officials traditionally meet on the sidelines to discuss bilateral issues.

A US official, speaking on condition of anonymity, said no talks had been scheduled yet between US Treasury Secretary Steve Mnuchin and his Chinese counterpart during the IMF gathering.

"China is also trying to weaken our will by targeting certain segments of our economy," White House trade adviser Peter Navarro told National Public Radio. "But let's remember: we buy five times more goods than they buy from us. They have a lot more to lose in any escalation in this matter."

Reuters