The United States and China have agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world’s two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets.

Beijing "will take countermeasures in a resolute and reciprocal manner" if any country sought such deals, a ministry spokesperson said

On April 11, China dismissed Trump’s moves as a “joke” and raised its own tariff against the US to 125%

The heightened tariffs against China took effect at the same time Thursday as retaliatory levies of 84 percent slapped on by Beijing on US imports.

"The US continues to abuse tariffs to pressure China"

China, which retaliated with 34 percent duties on US goods, is the largest importer of US agricultural products

China announces 34% additional tariffs; Stock markets around the world keep falling, banks hit hard

Beijing slaps 15% levy on US LNG, coal; 10% on crude, farm equipment

However, China will be the most affected under Trump since he said there would be an additional 10 percent duty for goods coming from the Asian giant.

President Donald Trump announced broad tariffs Saturday on major US trading partners Canada, Mexico and China, claiming a "major threat" from illegal immigration and drugs -- a move that sparked promises of retaliation.

Even before taking office, Trump has raised the prospect of fresh levies on companies, countries and groups of states as he seeks to implement his agenda

Economic and trade tensions between Washington and Beijing have continued to flare during Biden's time in office.

Beijing announced this week it would ban exports of gallium, germanium and antimony to the United States, targeting materials used for everything from semiconductors to solar cells

Among the materials banned from export are metals gallium, antimony and germanium, Beijing's commerce ministry said in a statement that cited "national security" concerns

Last year, Mexico sent $475 billion of goods exports to the United States, surpassing China

The announcement comes weeks before President-elect Donald Trump returns to the White House, where he is expected to bolster Washington's hawkish stance on China

The move marks one of the Biden Administration's last large scale effort to stymy China's ability to access and produce chips that can help advance artificial intelligence for military applications or otherwise threaten US national security.

The former and next president said on his Truth Social account that he would hammer the United States' largest trading partners in response to the illegal drug trade and immigration

"About the issue of US tariffs on China, China believes that China-US economic and trade cooperation is mutually beneficial in nature," Chinese Embassy Spokesperson Liu Pengyu said in a statement.

Trump, who won a crushing presidential victory this week, vowed during his campaign to slap 60 percent tariffs on all Chinese goods entering the United States in an attempt to balance trade between the two nations.