The U.S. flag flies at a welcoming ceremony between Chinese President Xi Jinping and U.S. President Donald Trump in 2017.

China's state media put up a brave front after the country's trade war with the U.S. escalated sharply over the weekend.

The latest round of the dispute kicked off on Friday evening in Beijing when China's Ministry of Finance announced it will apply new tariffs of between 5% and 10% on $75 billion worth of American goods.

In retaliation, U.S. President Donald Trump also said his administration will raise tariffs on $550 billion of Chinese imports.

State news agency Xinhua said in a commentary on Saturday: "The United States is paying the price for launching a trade war, as China is forced to announce the levy of new additional tariffs on U.S. goods."

"Through more than a year of trade friction between the two countries, China never faltered," said the state news organization.

"When the U.S. side tried to intensify trade bullying and exert maximum pressure on China, it only strengthened China's resolve, making China stand more firmly against the U.S. bullying, and defend its legitimate rights and interests," Xinhua added.