P resident Donald Trump on Monday doubled down on his trade war and threatened to levy even higher tariffs on China this week, as markets endured a third day of intense volatility.

US President Donald Trump has raised the stakes in his economic confrontation with China, threatening to push tariffs to 104% unless Beijing withdraws its latest trade measures. The move comes as China ramps up defence spending and tightens oversight of military finances amid long-term modernisation plans.

President Donald Trump's "reciprocal" tariffs on dozens of countries were set to take effect on Wednesday, including massive 104% duties on Chinese goods, deepening his global trade war even as he prepared for negotiations with some nations.