Trade War: China Vows to ‘Fight to the End’

China's government said Tuesday it will "resolutely take countermeasures" if President Trump carries out his threat to impose an extra 50% tariff on Chinese goods.

In a sign that the trade war with Beijing will not end any time soon, the Chinese Commerce Ministry said in a statement carried by state media: "China will fight until the end if the U.S. side is bent on going down the wrong path."

Stock markets have had a tumultuous week in response to Trump's across-the-board tariffs announcement, and Axios' Nathan Bomey notes investors are desperate for his administration to take an "off-ramp" from from them, with the trade war triggering fears of recession.

A Chinese Commerce Ministry spokesperson accused the U.S. of "blackmail" after Trump wrote Truth Social that he'd impose the additional tariffs that would take effect Wednesday if Beijing didn't withdraw by Tuesday the 34% tariffs it announced for all American goods.

"The U.S. threat to escalate tariffs on China is a mistake on top of a mistake," the spokesperson said. "China will never accept this."

Trump in his post accused China of "long term trading abuses" and said if Beijing officials didn't pull the tariffs "all talks with China concerning their requested meetings with us will be terminated!"