US President Donald Trump's latest wave of tariffs has come into force, with imports from China hit by a 104% rate amid an escalating standoff between the world's two biggest economies. Tariffs ranging from 11% to 50% now apply to imports from around 60 US trade partners, which Trump has dubbed the "worst offenders" for what he considers unfair trade practices.

Asian and European shares slid on Wednesday, with Japan's Nikkei 225 dipping more than 5%, as the latest set of U.S. tariffs including a massive 104% levy on Chinese imports took effect. The Nikkei 225 lost 3.9% to 31,714.03. In Hong Kong, the Hang Seng lost 0.4% to 20,041.03, while the Shanghai Composite index reversed early losses, gaining 0.9%. to 3,173.56. Taiwan led losses in Asia, as its Taiex plunged 5.8%. China said it will take "resolute measures" to defend its trading rights, but gave no details on how it will respond to U.S. moves.

The Trump administration is hitting China with harsher tariffs after the country failed to meet the president’s 12:00 p.m. deadline on Tuesday to lift its retaliatory tariffs. This comes after President Donald Trump insisted that China wanted to "make a deal badly." Press Secretary Karoline Leavitt confirmed on Tuesday that an additional 104% tariff on Chinese imports will be imposed on April 9. In Tuesday’s press briefing, Leavitt also reiterated Trump’s belief that China is looking to make a deal.