China is forced to act by imposing additional tariffs, in the face of U.S. unilateralism and trade protectionist moves, the Customs Tariff Commission of China's State Council said in a statement on Friday.

Gupta also voiced concerns that the escalating U.S.-China trade frictions would have a more lasting impact on investor sentiment within the U.S. macro economy, as the financial markets have been jittery over the past year due to uncertainties arising from the trade war.

"The uncertainty and tit-for-tat retaliation will do nothing to reverse such downbeat sentiment. The trade war will in fact exacerbate these economic headwinds, especially as President (Donald) Trump heads into his re-election campaign," the scholar said.

Yet Gupta expressed confidence in the Chinese economy, saying that it will be able to navigate through these multiple shocks, although with some difficulties.

"China's overall current account is almost in balance, meaning that net exports is a very tiny driver of growth. China's macro-economy is fundamentally domestically driven," he said.

Despite external blows, the Chinese government has been able to employ economic stabilizers and maintain the GDP growth within the range of 6-6.5 percent, he added.

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