China has described as "blackmail" US President Donald Trump's threat to impose additional tariffs of 50% on its goods after he asked Beijing to withdraw its counter-tariff plans.
If neither side budge and Trump sticks to his plans, the total amount of new duties could rise to 104% this year on Chinese goods imported into the US, escalating a trade war that has already caused the biggest market losses since the pandemic.
"The US side's threat to escalate tariffs against China is a mistake upon mistake, which once again reveals the foolish character of the US side," China's Ministry of Commerce said in a statement.
"If the US insists on getting its way, China will fight to the end," Beijing said.
Trump said he would impose the additional 50% tariff on US goods on Wednesday imports from China if Beijing does not withdraw the 34% tariffs it imposed on American products last week.
These Chinese tariffs, in turn, came in response to Trump's announced 34% "reciprocal" tariffs.
The average US tariff on Chinese goods will now rise to 76% after Trump's tariffs last week hit China with a 34% tariff, on top of the 20% he imposed earlier this year.
The moves have economists wondering whether the White House will gain much from further rate hikes.
"Since China already faces a tariff of over 60%, it doesn't matter whether it goes up by 50% or 500%," said Xu Tianchen, senior economist at the Economist Intelligence Unit.
"What China can do is stop buying US agricultural products, increase US tariffs and expand its export controls across the entire periodic table of chemical elements," he added. the expert.
Trump's warning comes after China announced earlier last week that it would impose additional tariffs of 34% on US imports.