China urges US to immediately lift tariffs, vows retaliation

The U.S. move disregards the balance of interests reached in multilateral trade negotiations over the years and the fact that it has long benefited greatly from international trade, the Chinese commerce ministry said in a statement.

"China firmly opposes this and will take countermeasures to safeguard its own rights and interests," the ministry said, as the world's largest economies look set to spiral deeper into a trade war that stands to upend global supply chains.

Trump on Wednesday announced China would be hit with a 34% tariff, on top of the 20% he previously imposed earlier this year, bringing the total new levies to 54% and close to the 60% figure he had threatened while on the campaign trail.

Chinese exporters, as with those from every other economy, will face a 10% baseline tariff, as part of the new 34% levy, on almost all goods shipped to the world's largest consumer economy from Saturday before the remaining, higher "reciprocal tariffs" take effect from April 9.

Trump also signed an executive order closing a trade loophole known as "de minimis" that has allowed low-value packages from China and Hong Kong to enter the U.S. duty free.