BEIJING (AFP) -- China vowed on Tuesday to “fight to the end” against fresh tariffs of 50 percent threatened by U.S. President Donald Trump, further aggravating a trade war that has already wiped trillions off global markets.
Trump has upended the world economy with sweeping tariffs that have raised the specter of an international recession, but has ruled out any pause in his aggressive trade policy despite a dramatic market sell-off.
Beijing -- Washington’s major economic rival but also a key trading partner -- responded by announcing its own 34 percent duties on U.S. goods to come into effect on Thursday, deepening a showdown between the world’s two largest economies. 
The swift retaliation from China sparked a fresh warning from Trump that he would impose additional levies if Beijing refused to stop pushing back against his barrage of tariffs -- a move that would drive the overall levies on Chinese goods to 104 percent.
“I have great respect for China but they cannot do this,” Trump said in the White House. “We are going to have one shot at this... I’ll tell you what, it is an honor to do it.”
China swiftly hit back, blasting what it called “blackmailing” by the U.S. and saying it would “never accept” those tariffs.
“If the U.S. insists on going its own way, China will fight it to the end,” a spokesperson for Beijing’s commerce ministry said on Tuesday.
“If the U.S. escalates its tariff measures, China will resolutely take countermeasures to safeguard its own rights and interests,” the ministry said.
But Beijing also reiterated that it sought “dialogue” with Washington -- and its view that there were “no winners in a trade war”.
Its foreign ministry additionally warned the U.S. that “pressure, threats and blackmail are not the right way to deal with China”.
Trump’s tariffs have rocked global markets.
Hong Kong’s Hang Seng collapsed by 13.2 percent on Monday -- its worst day since the Asian financial crisis -- before paring back some of those losses in opening trade on Tuesday.
Wall Street stocks finished lower following a volatile session, with both the Dow and S&P 500 ending down.
Stocks in Thailand, Indonesia and Vietnam -- a key export hub -- also sank on opening on Tuesday.
And in financial powerhouse Singapore, Prime Minister Lawrence Wong told parliament his government was “very disappointed by the U.S. move”.
“These are not actions one does to a friend.”
Trillions of dollars have been wiped off combined stock market valuations in recent sessions. 
Trump doubled down Monday, saying he was “not looking” at any pause in tariff implementation.