U.S. tariffs will inflict significant harm on the U.S. economy as other countries hit back with "high tariffs" on American goods, Chinese state media warned, leaving the door open for more measures by Beijing as another wave of levies looms.

Generic drugmakers and hospital pharmacists warn that added financial pressure from tariffs could strain the nation's generic drug supplies.

Chinese economy is seen to grow 4.8 per cent this year, with any decline in demand felt across multiple industries and regions China's economy is set to slow further as a result of new tariffs imposed by US President Donald Trump,