HONG KONG/BEIJING, April 8 (Reuters) - China's

regulatory body for state assets said on Tuesday it would

support central government-owned companies to increase their

stock holdings and share buybacks to mitigate the impact of an

escalating global trade war on the country's stock market.

Several Chinese state-owned companies, including oil

giant Sinopec, have already announced plans to buy

back shares to bolster investor confidence.

The government's assets supervision and administration

commission will guide state-owned enterprises and their listed

subsidiaries to safeguard the rights and interests of

shareholders, and consolidate the market's confidence in listed

companies, it said in a statement.

Last week, U.S. President Donald Trump introduced additional

tariffs of 34% on Chinese goods as part of steep levies imposed

on most U.S. trade partners, bringing the total duties on China

this year to 54% and sending global stock markets tumbling.

The Chinese government has stepped up efforts to shield

its economy from global market turmoil in response.

Trump has also threatened an additional 50% tariff on

Chinese imports if China does not withdraw the 34% levies on

U.S. goods it announced last week.

China's benchmark Shanghai Composite Index edged up

on Tuesday, recovering some losses after plunging more than 7%

the previous day.