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China has responded to President Donald Trump‘s threats to impose an additional 50% tariff on the country’s imports.

The Agence France Presse (AFP) news agency quoted China’s commerce ministry saying: “The US threat to escalate tariffs against China is a mistake on top of a mistake, which once again exposes the US’s blackmailing nature.

“China will never accept this. If the US insists on going its own way, China will fight it to the end.

“If the US escalates its tariff measures, China will resolutely take countermeasures to safeguard its own rights and interests.”

Last week, President Trump imposed 10% tariff on all imports from around the world, with higher rates for certain countries with a higher trade deficit.

China’s rate was set at 34%, with some goods, such as cars, rising to 54%.

China retaliated by imposing a 34% tariff on US goods, which will take effect this Thursday. President Trump then threatened an additional 50% tariff if Beijing did not withdraw its counter-tariff.

This means US companies could face a total rate of 104% on Chinese imports.