Chinese Ministry of Commerce on Tuesday vowed to retaliate against fresh US import tariffs set to take effect later in the day. This was as it reiterated its stance that the Trump administration was trying to shift the blame and bully Beijing over fentanyl flows.

Beijing said it was “strongly dissatisfied” with President Donald Trump’s move to raise tariffs on Chinese goods and said it would “take countermeasures.”

China and Canada have hit back with their own tariffs on US imports which threatens to weaken America's economy as well as their own.

China is firmly opposed to the White House’s additional 10% tariff on Chinese imports and will take countermeasures to protect its interests, a Ministry of Commerce spokesperson said Tuesday morning Beijing time.

China's Commerce Ministry on Tuesday vowed to retaliate against fresh U.S. import tariffs set to take effect later in the day, reiterating its stance that the Trump administration was trying to "shift the blame" and "bully" Beijing over fentanyl flows.

As US President Donald Trump's tariff hike for Mexico, Canada, and China kicks in on Tuesday, Ottawa and Beijing are already ready with countermeasures aimed at safeguarding their rights and interests.

Tariff hikes have sparked volatility in financial markets, with North American stocks plunging on Monday in anticipation of trade disruptions

China on Tuesday swiftly retaliated against fresh U.S. tariffs, announcing 10%-15% hikes to import levies covering a range of American agricultural and food products, and placing twenty-five U.S. firms under export and investment restrictions.