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"Canada, Mexico, the EU and China have already retaliated — or announced plans to retaliate — with billions of dollars in tariffs on US-made products," the US Chamber said, adding that approximately billion worth of US exports will be subject to retaliatory tariffs as of this week.

"China is an important market for Qualcomm and we have a number of important partnerships and relations here in China," he said.

"But we have to acknowledge that there would be no need for such a dire economic response if we had managed to improve our healthcare response sufficiently," he added.

"China is increasingly amongst the leaders in global innovation and branding," WIPO Director General Francis Gurry said.

"China is one of the world's most exciting and dynamic markets, it became our largest market last year," said Randy Tinseth, vice-president of commercial marketing at Boeing.