China vowed on Tuesday to \u201cfight to the end\u201d against fresh tariffs of 50 per cent threatened by US President Donald Trump, further aggravating a trade war that has already wiped trillions off global markets.<\/p>\n\n\n\n
Trump has upended the world economy with sweeping tariffs<\/a> that have raised the spectre of an international recession, but has ruled out any pause in his aggressive trade policy despite a dramatic market sell-off.<\/p>\n\n\n\n Beijing \u2014 Washington\u2019s major economic rival but also a key trading partner \u2014 responded<\/a> by announcing its own 34pc duties on US goods to come into effect on Thursday, deepening a showdown between the world\u2019s two largest economies.<\/p>\n\n\n\n The swift retaliation from China sparked a fresh warning from Trump that he would impose additional levies if Beijing refused to stop pushing back against his barrage of tariffs \u2014 a move that would drive the overall levies on Chinese goods to 104 percent.<\/p>\n\n\n\n \u201cI have great respect for China but they can not do this,\u201d Trump said in the White House.<\/p>\n\n\n\n \u201cWe are going to have one shot at this\u2026 I\u2019ll tell you what, it is an honour to do it.\u201d<\/p>\n\n\n\n China swiftly hit back<\/a>, blasting what it called \u201cblackmailing\u201d by the US and saying it would \u201cnever accept\u201d those tariffs.<\/p>\n\n\n\n \u201cIf the US insists on going its own way, China will fight it to the end,\u201d a spokesperson for Beijing\u2019s commerce ministry said on Tuesday.<\/p>\n\n\n\n \u201cIf the US escalates its tariff measures, China will resolutely take countermeasures to safeguard its own rights and interests,\u201d the ministry said.<\/p>\n\n\n\n But Beijing also reiterated that it sought \u201cdialogue\u201d with Washington \u2014 and its view that there were \u201cno winners in a trade war\u201d.<\/p>\n\n\n\n<\/a>Market turmoil<\/h2>\n\n\n\n