After a trade war during the first Trump administration, China had been preparing for another in a second term and has not moved to rush into negotiations after being hit with tariffs.

China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout.

Despite the tough rhetoric flying between Washington and Beijing, the impact of such elevated tariffs on some industries is prompting both governments to consider concessions to protect their own economies.