China said Friday that it is planning to raise tariffs on up to $3 billion of U.S. goods in retaliation for U.S. President Donald Trump's decision to impose higher tariffs on some Chinese imports.

While the tit-for-tat exchange has increased the prospect of a trade war between the world's two biggest economies, the Chinese Commerce Ministry said Beijing hopes to resolve trade disputes with the United States through dialogue and consultation.

The U.S. move is "a totally unilateral action" and "a bad example" to the international community, Foreign Ministry spokeswoman Hua Chunying said at a press conference, calling Trump's policies "reckless" and "dangerous."

China's countermeasure is a response to Trump's announcement earlier this month of import tariffs of 25 percent on steel and 10 percent on aluminum. Washington has indicated certain countries may be exempted, but China is not one. The tariffs took effect Friday.

Shortly before the Chinese announcement, Trump on Thursday unveiled tariffs on about $60 billion of imports from China in response to what the United States sees as China's unfair trade and investment practices, including alleged intellectual property and technology theft.

Washington will levy additional 25 percent tariffs on a range of products in the aerospace, information communication technology and machinery sectors that it views as supported by an unfair industrial policy.

Many economists have voiced fears that escalating tensions between the United States and China would drag down the global economy, which has been on a recovery track recently.

The Chinese Commerce Ministry released a list of U.S. goods subject to the higher import tariffs, such as pork, fruit, wine and seamless steel pipes.

But it added, "China hopes that the United States will resolve China's concerns as soon as possible, solve the differences through dialogue and consultation, and avoid harming the overall situation of China-U.S. cooperation."

Hua also said, "The communication channels between China and the United States on economic and trade issues have been already open and the both sides have so far maintained communication at all levels on economic and trade issues."

Separately, the Chinese Embassy in Washington expressed disappointment at the U.S. announcement on Thursday and said China intends to "fight to the end" in the event of a trade war, warning that the "self-defeating" U.S. move would directly harm U.S. consumers and companies.

"China is not afraid of, and will not recoil from, a trade war. China is confident and capable of facing any challenge. If a trade war was initiated by the U.S., China would fight to the end to defend its own legitimate interests with all necessary measures," it said in a statement.

In August, Trump directed trade officials to probe China's alleged theft of U.S. intellectual property. The investigation has provided grounds for Trump to impose tariffs on Chinese imports or other punitive measures.

Chinese President Xi Jinping, meanwhile, does not want a trade war with the United States, as he seeks stable economic growth to achieve his goal of building a "moderately prosperous society," where all citizens can enjoy comfortable lives, sources close to the matter said.

Earlier this week, Chinese Premier Li Keqiang pledged to resolve the trade dispute with Washington through talks, saying at a press conference, "No winner will emerge in a trade war."

Xi, who was reappointed to a second five-year term as China's president last Saturday, tapped his confidant Wang Qishan as vice president.

Wang, now regarded as the de facto No. 2 figure in the government, served as vice premier in charge of financial affairs and worked on economic negotiations with the United States.

Xi is expected to ask Wang, who was one of the seven members of the Politburo Standing Committee, to deal with the current trade row with Washington.