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.

The new rules, which take effect on January 2 next year, will prohibit US-headquartered firms, citizens, and permanent residents from engaging in transactions involving cutting-edge technology like semiconductors, artificial intelligence (AI), and quantum computing

“Trade wars are good, and easy to win,” Donald Trump tweeted in March of 2018 when he was US president, just months before kicking off in earnest one of the largest trade conflicts in modern history.