China says it will 'fight to the end' after Trump threatens more tariffs

China vowed on Tuesday that it will "fight to the end" if President Donald Trump puts an extra 50% tax on Chinese exports, as numerous countries hurry to negotiate trade deals with the US.

Within 48 hours of Trump's market-shattering announcement of tariffs on countries across the world, the world's second-largest economy rapidly responded with its own punishing measures on US goods and enterprises.

Trump has threatened China with a fresh 50% tax, beginning Wednesday, if Beijing does not lift its 34% duties on all US imports by Tuesday, which China slapped in response for the levies on Chinese goods announced by the Trump administration last week.

“Additionally, all talks with China concerning their requested meetings with us will be terminated!” Trump wrote Monday on Truth Social. “Negotiations with other countries, which have also requested meetings, will begin taking place immediately.”

Beijing's retaliatory tariffs are set to take effect on Thursday.

“The US threat to escalate tariffs on China is a mistake on top of a mistake,” its Commerce Ministry said a statement.

If the proposal is completely executed, overall taxes on items imported into the United States from China may be as high as 104%. In reaction, China's Commerce Ministry stated that it "firmly opposes" Trump's tariff threats, describing its prior actions as "entirely justified."

“The U.S. threat to escalate tariffs on China is a mistake on top of a mistake, which once again exposes the blackmail nature of the United States,” the ministry’s statement said. “China will never accept it. If the United States insists on its own way, China will fight to the end.”

Last week, China stated that it will retaliate against Trump's tariffs by putting a 34% tax on American goods. The next escalation announced by Trump on Monday, if implemented, could raise the US tax on Chinese imports to 104 percent. However, the rate for some items is expected to be far higher due to taxes dating back to Trump's first term. Trump also threatened to terminate all further discussions.

China stated that the US should end all unilateral tariffs on China, "stop suppressing China's economy and trade, and properly resolve differences with China through equal dialogue on the basis of mutual respect."

The Commerce Ministry encouraged the United States to withdraw all unilateral tariffs on China and address trade problems via dialogue.

“Pressure and threats are not the correct way to deal with China,” it said. "China reiterates that there are no winners in a trade war, and protectionism leads nowhere."

“China will resolutely take countermeasures to safeguard its own interests,” it added.