Beijing has wielded a wide range of punitive measures in recent days to strike back at Washington, including steps targeting American services sector.

China has shrugged off the latest U.S. tariff hike, dismissing the Trump administration's threats as a "meaningless tariff numbers game." Newsweek reached out to the White House by email with a request for comment.

China will pay no attention if the United States continues to play the "tariff numbers game", China's foreign ministry said on Thursday, after the White House outline how China faces tariffs of up to 245% due to its retaliatory actions.

MP Materials said on Thursday it had stopped shipping rare earth concentrate to China, in response to retaliatory tariffs and export controls, sending its shares down 6.3% in afternoon trading.

A US producer of rare earth metals stopped shipments to China after Beijing placed export controls on similar materials crucial for defense and technology manufacturing.

As the trade war continues to escalate, China has hit back at Trump by suspending exports of rare earth minerals.