The State Council outlined the plan just days after the U.S. said it was considering higher tariffs on $200bn of Chinese goods than initially planned.
The Ministry threat came after Mr. Wang met with U.S. Secretary of State Mike Pompeo at a meeting of the Association of Southeast Asian Nations (ASEAN) in Singapore on Friday.
The threat came a day after Chinese officials appealed for dialogue based on "mutual respect", with Foreign Minister Wang Yi urging the USA on Thursday to remain "cool-headed".
China proposed retaliatory tariffs on $60 billion worth of United States goods ranging from liquefied natural gas (LNG) to some aircraft yesterday, as a senior Chinese diplomat cast doubt on prospects of talks with Washington to solve their bitter trade conflict given current U.S. behaviour.
In the same month, the United States also unveiled a list of US$200 billion worth of Chinese goods that it intends to hit with 10 per cent import duties. The administration has repeatedly said it is eager to expand fossil fuel supplies to global allies, while Washington is rolling back domestic regulations to encourage more oil and gas production. "It is hard to become an energy superpower when one of the biggest energy consumers in the world is raising barriers to consume that energy".
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China had curtailed its imports of U.S. LNG over the last two months, even before its formal inclusion in the list of potential tariffs.
US President Donald Trump has said he is determined to reduce the large US trade deficit with China. Sinopec, through its Unipec trading arm, is the largest buyer of USA crude.
"We are coming together with the European Union to make a deal with them, so we'll have a united front against China and, I think, most of our trade team would tell you, we're moving close on Mexico", he said.
The statement said the date of implementation of the taxes will depend on the "actions of the USA side" and China reserves the right to apply "other countermeasures".
There will be "others who will be offering barrels to China, so it could find itself able to replace lost volumes from the U.S.", Atkinson said.
Wang also said on the sidelines of the forum that the United States was putting military pressure on countries in the region, including China. He added they do not see tariffs as productive.