China experts have speculated that further retaliation could take the form of Beijing withdrawing any co-operation on fentanyl-related issues and targeting the services sector by restricting Chinese companies from working with US consultancies.

Trump told reporters at the White House on Thursday that he thought the US could make a deal with China and said he respected Xi.

“In a true sense, he’s been a friend of mine for a long period of time, and I think that we’ll end up working out something that’s very good for both countries,” Trump said.

Beijing’s latest response comes after the White House on Friday (AEST) confirmed the cumulative tariff on China was at least 145 per cent, not 125 per cent as Trump had initially stated on social media. China’s revised 125 per cent tariff on American goods, up from 84 per cent, will take effect from Saturday.

Trump this week reversed course on his tariffs for dozens of countries, lowering them to the 10 per cent “baseline” in a 90-day reprieve, while punishing China with a higher levy. The turmoil has sent sharemarkets careening and is upending global supply chains.

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As the White House began trade-deal discussions with some countries, Beijing announced Xi would depart on a tri-nations tour of South-East Asia this week, holding bilateral meetings with Cambodia, Vietnam and Malaysia, which are facing crippling duties of between 24 and 49 per cent unless they secure a deal with Trump.

Trump said countries he initially hit with a 10 per cent tariff, such as Australia and the United Kingdom, could negotiate the rate lower depending on their circumstances and what they offered the US.

The Department of Foreign Affairs and Trade did not answer whether Australia had formally contacted the administration to restart negotiations. The government is in caretaker mode for the federal election.

Trump’s allies continued to celebrate the president’s tariff strategy as a master stroke that had forced other countries to the negotiating table.

US Commerce Secretary Howard Lutnick posted on X: “The Golden Age is coming. We are committed to protecting our interests, engaging in global negotiations and exploding our economy.”

With agencies

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