Measures unveiled to aid firms hit by tariffs

China will use funds collected from tariffs charged on shipments from the United States to reduce the impact of US trade move on Chinese companies and their employees, the Ministry of Commerce announced late on Monday.

The ministry said in a statement that the government will encourage companies to increase imports of goods including automobile, aquatic products and soybeans from other markets.

China's latest action came after the US government started to impose punitive tariffs on $34 billion of Chinese imports on Friday. China then retaliated by levying duties of the same amount to defend its interests.