BEIJING (Reuters) - China’s commerce ministry said on Monday that it will use funds collected from tariffs charged on imports from the United States to help ease the impact of U.S. trade actions on Chinese companies and their employees.

The commerce ministry also said in a statement it will encourage companies to increase imports of products such as soybeans and vehicles from other markets.

Beijing and Washington on Friday implemented import tariffs against each other in what is becoming a protracted trade fight.