China's commerce ministry has also revealed that it has added 12 US entities to its export control list and placed 6 American entities on its "unreliable entity" list, as per the report. "The purpose of the Chinese government's implementation of export controls on relevant items in accordance with the law is to better safeguard national security and interests and to fulfill international obligations such as non-proliferation," China's commerce ministry had said in a statement, it added.
The government under Xi Jinping has refused to confirm whether it would engage in negotiations with the White House, as several other countries have already done. In a statement, the Chinese commerce ministry warned, "If the U.S. insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end," as per the report.
Chinese Premier Li Qiang also stressed that China possesses a wide range of policy tools to "fully counter" any negative external impacts, following Trump's imposition of a 104 per cent tariff on all Chinese imports.
Meanwhile, US President Donald Trump sparked fresh market turmoil on Wednesday as harsh tariffs on multiple countries came into effect, with China poised to retaliate after facing levies exceeding 100 percent. Following the implementation of sweeping 10 per cent tariffs over the weekend, the taxes that US importers pay on goods from countries like the European Union, Japan, and Vietnam soared significantly overnight.
After a brief pause on Tuesday, stock markets were once again in panic mode, with Tokyo’s Nikkei index plunging nearly four percent by Wednesday's close. Meanwhile, major European markets, including Paris, Frankfurt, and London, saw declines of about three percent during midday trading.
