US President Donald Trump attends a bilateral meeting with China`s President Xi Jinping during the G20 leaders summit in Osaka, Japan, June 29, 2019. (Photo by Reuters)

China has declared it is prepared to "fight to the end" in a trade war with the United States, following US President Donald Trump`s announcement of new 100-percent tariffs on Chinese goods.

In a statement released on Tuesday, the Chinese Ministry of Commerce urged Washington to "correct its wrongdoings" and demonstrate sincerity in trade negotiations.

"If you want to fight, we will fight to the end. If you want to negotiate, our door remains open," the statement read.

"The US cannot seek dialogue while simultaneously threatening to impose new restrictions. This is not the way to talk to China," it added.

The ministry further stated that the US has repeatedly introduced new restrictions that harm China`s interests and undermine the atmosphere for bilateral talks.

In a retaliatory move, China sanctioned five US subsidiaries of the South Korean-based Hanwha Marine Corporation.

The sanctions include a ban on any dealings or cooperation inside China with the five subsidiaries, namely Hanwha Shipyard LLC, Hanwha Philly Shipyard, Hanwha Ocean USA International LLC, Hanwha Shipping Holding LLC, and USA Holding Corp.

Beijing held these companies responsible for "contributing to and supporting" a US probe into the Chinese shipbuilding sector.

It added that these practices "undermine China`s sovereignty, security, and development."

The two economic giants also imposed additional port fees on each other`s shipping firms.

Beijing said it has already started collecting special port fees from US-owned, operated, built, or flagged vessels.

Last week, China also expanded its restrictions on the export of rare earth minerals that are essential to the US military industry for the production of defense material, including fighter jets, submarines, and radars.

For the first time, China also applied the foreign direct product rule (FDPR) - a mechanism established in 1959 and used by the US to restrict semiconductor exports to China.

Under the measures, foreign companies will need approval from China`s government in order to export magnets and Chinese rare earth minerals.

As of September 25, average US tariffs on Chinese imports reached 58%, while Chinese tariffs reached 33%, according to analysis by the Peterson Institute for International Economics.

Trump is expected to meet Xi Jinping, China`s president, later this month at the Asia-Pacific Economic Cooperation summit in Seoul.