Speaking to reporters in Beijing, with U.S. Secretary of State Mike Pompeo at his side, Wang said there were two choices when it came to the trade issue.
Trump said Friday that the USA will impose duties on $50 billion worth of Chinese imports, with the first tariffs to cover $34 billion worth of goods and take effect July 6.
Top among American products hit by China's duties are agricultural exports, with soybeans, sorghum, oranges, pork, poultry and beef included in the US$34 billion in goods targeted for higher border taxes starting next month.
After the United States announcement, China's commerce ministry responded by saying that it would "immediately introduce countermeasures of the same scale and strength", although it did not go into detail.
"All the economic and trade achievements previously reached by the two parties will no longer be valid at the same time", CNBC reported Beijing as having said.
China and the USA are major seafood trading partners beyond just lobster, and the new tariffs would apply to dozens of products that China imports from the US, including salmon, tuna and crab.
Hours after the USA announcement - China's Finance Ministry issued a list of 545 product categories, also covering about US$34 billion in exports from the United States, to be subject to an additional 25 percent tariff starting 6 July.
The ministry says it's also scrapping deals to buy more American farm goods and other exports - steps that were meant to help ease a dispute over China's trade surplus and China's technology policy.
Politically-important exports like other agricultural products and automobiles also made the list. "China is a powerful guardian and has enough ammunition to defend existing trade rules and fairness".
The official English-language China Daily, meanwhile, expressed hope a trade war might yet be averted.
The Register quotes Iowa State University economist Chad Hart, who warns that any tariff action that China takes targeting US soybeans, like the actions taken by China this week, will "slow down" Iowa's economy.
USA officials have said Beijing has sought industrial dominance in emerging technologies through the theft of American know-how through forced technology transfers, hacking and other forms industrial espionage.
"The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices".
Wall Street was in the red in late trading as China delivered on its promise of retaliatory tariffs.
"We grow more than we can use [domestically]", said Blue Earth County corn and soybean farmer Kevin Paap, president of the Minnesota Farm Bureau.
Trump announced on Friday that the new china tariffs will not initially include the full $50bn.
The Trump administration in May also assessed steel and aluminum tariffs on Canada, the European Union and Mexico. China had warned the White House earlier Friday that it would respond "in the first instance" to protect its economy if Trump moved forward with any tariffs on $50 billion worth of Chinese goods.
"It's thorough, it's moderate, it's appropriate", U.S. Trade Rep. Robert Lighthizer said on Fox Business Network's "Mornings With Maria".
The additional tariffs on Chinese goods in the U.S. will "substantially change" the trade conditions of these products, also affecting relevant producers and trade companies as well as the production and operation of the upstream and downstream industries, an official in charge of the Office of the Customs Tariff Commission. "Even with the tariffs in place, we will ship a lot of soybeans to China", Hart added.
This trade war comes days after the two countries held several rounds of talks following Trump's demand to slash bilateral trade deficit by $ 100 billion in a month followed by $ 200 billion to address the $ 375 billion deficit.