President Donald Trump meets with China's President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan, June 29, 2019.

New U.S. tariffs on Chinese goods could deal another blow to the Asian economic giant — and it's not clear how much more Beijing can do to prop up its economy, an economist from J.P. Morgan said on Friday.

Since the ongoing tariff fight between Washington and Beijing started about a year ago, Chinese authorities have used both monetary and fiscal policies to limit the economic damage brought on by elevated U.S. tariffs. Those measures have worked to some extent, according to Bruce Kasman, chief economist and head of global economic research at the investment bank.

"I think it's encouraging to see they've been moving on multiple fronts, it's encouraging to see that it's having some effect on the economy," he told CNBC's "Squawk Box."

"But boy, we just haven't seen how far the latest damage is going to be," he added.