China says it will 'fight to the end' after Trump threatens 50% additional tariffs

China's Commerce Ministry said it "resolutely opposes" U.S. President Donald Trump's threat of escalating tariffs, and vowed to take countermeasures to safeguard its own rights and interests.

The comments came after Trump said he would impose an additional 50% duty on U.S. imports from China on Wednesday, if Beijing does not withdraw the 34% tariff it imposed on American products last week.

"The U.S. threat to escalate tariffs on China is a mistake on top of a mistake," the statement said, according to a CNBC translation. "China will never accept it. If the U.S. insists on its own way, China will fight to the end."

Last Friday, China's Finance Ministry announced 34% in additional tariffs on all goods imported from the U.S., starting April 10, in retaliation for Trump imposing new levies of 34% on China.

The across-the-board tariffs followed two previous rounds of 10%-15% tariffs, targeting mostly agricultural and energy products imported from the U.S. The broadened tariff scope reflects the Chinese leadership's diminished hopes for a trade deal with the U.S., said Gabriel Wildau, managing director at Teneo.

Trump's 34% tariffs on China were on top of the 20% duties rolled out since February, bringing the total new tariffs this year on China to 54%. The additional levies have lifted the U.S. weighted average tariff rate on China to as high as 65%, and could dent China's economy by 1.5 to 2 percentage points this year, according to Morgan Stanley.