(MENAFN- Live Mint) China declared on Tuesday its readiness to“fight to the end” in the escalating trade dispute with the United States. The defiant stance followed US President Donald Trump's announcement that he would impose additional 100% tariffs on goods imported from China.

The escalation began with Trump's social media post last Friday, revealing the punitive tariff hike. The move was a direct response to Beijing's announcement last week of sweeping new export controls on rare earths, a strategic material market currently dominated by China.

In the same post, President Trump also stated that Washington would impose export controls on“any and all critical software” starting 1 November.

“On the matter of tariff wars and trade wars, China's position remains consistent,” an unnamed spokesperson from the Chinese Commerce Ministry said in a statement on Tuesday.

“If you wish to fight, we shall fight to the end; if you wish to negotiate, our door remains open,” the statement said.

US-China tariff war: Trump-Xi Meet

The latest ramping up of trade tensions has visibly unsettled global markets and cast significant doubt over the prospect of a scheduled upcoming meeting between President Trump and his Chinese counterpart, Xi Jinping, in South Korea.

Despite the aggressive rhetoric, Trump appeared to soften his tone in a subsequent social media post on Sunday, stating that“it will all be fine” and adding that the United States intends to“help” China.

Meanwhile, amidst the darkening outlook for trade relations with the US, new official data released on Monday provided a mixed picture, demonstrating the resilience of China's overseas shipments in September.

• Exports surged by 8.3% year-on-year last month. This was the fastest expansion since March and significantly exceeded forecasts.
• According to the data, shipments to the United States, the world's largest consumer market, picked up to reach 34.3 billion.
• Under existing levies, Chinese goods currently face US tariffs of at least 30%. These tariffs were originally imposed by Trump on the grounds of allegedly unfair trade practices and accusations regarding Beijing's involvement in the fentanyl trade. China's retaliatory tariffs, by comparison, currently stand at 10%.

The global implications of this continuing tariff onslaught are a key focal point this week, coinciding with the semi-annual meeting of the International Monetary Fund (IMF) and the World Bank taking place in Washington.

“The United States cannot simultaneously seek dialogue while threatening to impose new restrictive measures. This is not the proper way to engage with China,” the statement said.

The White House maintains its position, insisting that the tariffs' long-term effect will be positive for the United States and citing their relatively muted economic impact thus far.

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