05:24 AM EDT, 04/09/2025 (MT Newswires) -- China will take "resolute and forceful" measures to protect its rights and interests after US President Donald Trump's 104% net total tariffs on imports from China came into force overnight, CNBC reported Wednesday, citing China's foreign ministry.

"The US continues to abuse tariffs to pressure China, China firmly opposes this and will never accept this kind of bullying," Chinese foreign ministry spokesperson Lin Jian told a news conference, Reuters reported.

If the US really wants to solve the problem through dialogue and negotiation, it should adopt an attitude of equality, respect, and mutual benefit, Reuters cited Lin as saying.

"The US uses tariffs as a weapon to exert extreme pressure and seek selfish interests," a white paper released by China's State Council Information Office said, according to NBC San Diego. "This is a typical act of unilateralism, protectionism and economic bullying," Beijing said in the white paper."

West Texas Intermediate crude oil futures sank 3.1% to $57.76 a barrel, reflecting the detrimental impact of a potential trade war between the US and China.

The probability of a 25 basis-point cut at the Federal Reserve's monetary policy meeting on May 7 jumped to nearly 50% early on Wednesday from almost 11% a week ago, the CME Group's FedWatch Tool showed.

US Treasury yields jumped pre-bell, with the 10-year yield up 8.5 basis points to 4.34% and the two-year rate 4.5 basis points higher at 3.78%.

The CBOE Volatility Index fell 8.1% to 48.14.