On Monday, Trump gave China - one of the world's largest holders of US Treasury bonds - until Tuesday to scrap its 34% counter tariff or face an additional 50% tax on goods imported into the US. If Trump acts on his threat, US companies could face a total rate of 104% on Chinese imports - as it comes on top of 20% tariffs already put in place in March and the 34% announced last week. China has said it will "fight to the end" as it called Trump's moves "bullying". "China's position on China-US economic and trade relations has been made very clear," Lin said on Tuesday. Vance's comments had already caused a stir among Chinese social media users, some of whom have called for him to be banned from entering China. "As a key figure in the US government, it is really shameful for Vance to say such things," one Weibo user wrote. "Isn't his memoir called 'Hillbilly Elegy'?" wrote another user, a reference to Vance's book which detailed his upbringing in rural America. Trump and his allies have long argued that his tariff policy will boost the US economy and protect jobs. But economists have warned that this would cause major disruptions to international supply chains, push up prices for consumers and bode disaster for all trade. In the wake of the tariffs announcement, financial institutions have warned of heightened risks of a recession, both in the US and globally.