Here's a rewritten version of the article:
US-China Trade Tensions Escalate as Beijing Vows Retaliation Against New Tariff Threats
China strongly condemned the United States for threatening additional tariffs and promised countermeasures if Washington implements them, intensifying the trade conflict between the world's two largest economies.
"The US threat to escalate tariffs on China is a mistake on top of a mistake, which once again exposes the extortionate nature of the US," declared the Chinese Ministry of Commerce in a statement released Tuesday. "If the US insists on its own way, China will fight to the end."
The forceful Chinese response followed President Trump's announcement that he would impose an additional 50% import tax on Chinese goods unless Beijing withdraws its retaliatory measures against his earlier tariffs. China's firm stance indicates it plans to resist these pressures, suggesting a prolonged economic standoff.
"The rhetoric from China is strong. Without Trump backing down investors may need to prepare for trade decoupling between both countries," noted Michelle Lam, greater China economist at Societe Generale SA.
In financial markets, China's onshore yuan weakened to its lowest level since 2023 after the central bank relaxed its currency controls. Meanwhile, Chinese stocks listed in Hong Kong rebounded by up to 3.7% after suffering their worst decline since the financial crisis on Monday, bolstered by pledges of support from state-backed funds.
Trump's proposed additional duty would supplement the 34% "reciprocal" tariff scheduled for April 9, as well as the 20% levy introduced earlier this year, according to a White House official. These combined tariffs would reach 104%, effectively doubling the price of Chinese imports to the US.
While the Chinese Ministry of Commerce called for dialogue to resolve the disputes, Trump stated Monday that "all talks with China" regarding a meeting would cease if Beijing fails to take unspecified actions.
The growing tensions have delayed any potential leadership communication. Trump has not spoken with Chinese President Xi Jinping since returning to office, marking the longest period without direct communication between US and Chinese leaders following a presidential inauguration in two decades.
Earlier this week, the Communist Party's official newspaper published an editorial stating that Beijing no longer harbors "illusions" about reaching an agreement. Xi has emphasized boosting domestic consumption as the tariffs threaten to damage exports, which accounted for one-third of China's economic growth last year.
According to Bloomberg Economics, "The prospect of a heavy external blow to growth heightens the urgency to fast-track monetary and fiscal stimulus — and we see it coming sooner than before."