Australia has expressed disappointment at increasing global tensions between the world's two largest economies.

US President Donald Trump has slapped a further 10 per cent tariff on US$300 billion (AU$439 billion) of Chinese goods, coming into effect on September 1.

“It's not good for the global economy, it's not good for Australia, it's not good for the US or China for that matter,” Finance Minister Mathias Cormann told Sky News on Friday.

Trade Minister Simon Birmingham said it is an argument for more trade deals. Senator Birmingham is in Beijing for upcoming negotiations over the Regional Comprehensive Economic Partnership, which will include 16 Indo-Pacific economies.

“It reinforces the critical importance of the talks I'm having here in Beijing on behalf of the Morrison government to advance at least our regional trade agenda, as a real counterbalance to the increased protectionism elsewhere,” he said.

"Neither Australia nor China has [a free trade agreement] with India.

“The conclusion of RCEP would demonstrate that all of these countries - with their vibrant economic activity and the massive potential they have for future growth - are committed to further openness, and are rejecting the lure of greater protectionism.”