China has vowed to "fight to the end" against the new 50 percent tariffs that US President Donald Trump has threatened to impose, AFP reported.

Trump has rocked the global economy with sweeping tariffs that have sparked fears of an international recession, but ruled out any pause in his aggressive trade policy despite a dramatic sell-off in markets.

Beijing - Washington's main economic rival but also a key trading partner - responded by announcing its own 34 percent tariffs on U.S. goods that will take effect on April 10, deepening the clash between the world's two largest economies.

China's swift retaliation prompted a fresh warning from Trump that he would impose further levies if Beijing refused to stop opposing his tariffs. This step would raise overall levies on Chinese goods to 104%.

"I respect China a lot, but they can't do that. We're only going to have one shot at this... I'll tell you what, I'm honored to do it," the US president said.

China quickly hit back, blasting what it called "blackmail" by the US and saying it would "never accept" those tariffs.

"If the United States insists on going its own way, China will fight them to the end," a spokesman for Beijing's Ministry of Commerce said.

"If the US escalates its tariff measures, China will resolutely take countermeasures to protect its own rights and interests," the ministry added.

Beijing also reiterated that it seeks "dialogue" with Washington - and its view that there are "no winners" in a trade war. | BGNES