China will impose 84% tariffs on US imports after Donald Trump announced a 104% levy on Chinese goods. The country's finance ministry announced the additional levy on all goods imported from the US. The charges, up from the previous 34%, will take effect from 12:01 CST (5am BST) on April 10.

The CCP said: "The US's practice of escalating tariffs on China is a mistake on top of a mistake, which seriously infringes on China's legitimate rights and interests and seriously damages the rules-based multilateral trading system." European stock markets witnessed a sharp decline after Beijing's announcement, with the Stoxx 600 index plummeting by 4.2%. The FTSE 100 also dropped 3.3% so far today, the German Dax was down 4%, and the French Cac 40 down by 4%.

The US president took to his platform TruthSocial to explain that he is awaiting a call from Beijing to initiate negotiations.

He wrote: "China also wants to make a deal, badly, but they don't know how to get it started. We are waiting for their call."

White House Press Secretary Karoline Leavitt also emphasised that if China reaches out to negotiate a deal, Mr Trump "will be incredibly gracious, but he's going to do what's best for the American people".

Beijing previously signaled its unwillingness to back down, declaring on Tuesday that it will "fight to the end".

Lin Jian, a Chinese foreign ministry spokesperson, said: "Judging from its actions, the US doesn't seem to be serious about having talks right now.

"If the US truly wants to talk, it should let people see that they're ready to treat others with equality, respect and mutual benefit."