Asian markets sank Monday after US President Donald Trump reignited his trade war with Beijing by threatening last week to impose 100 percent tariffs on goods from China.

However, the losses were tempered slightly by a more conciliatory tone on Sunday when Trump described Chinese counterpart Xi Jinping as "respected".

Trump wrote on social media Friday that he would impose an additional 100 percent tariff on China and threatened to cancel a summit with Xi, citing Beijing's export curbs on rare earth minerals used in a range of goods including smartphones, electric vehicles and military hardware.

The extra US levies, plus export controls on "any and all critical software" would come into effect from November 1 in retaliation for what he called Beijing's "extraordinarily aggressive" moves.

"There is no way that China should be allowed to hold the World 'captive'," he said.

Chinese products currently face US tariffs of 30 percent, while Beijing's retaliatory tolls are currently at 10 percent.

The outburst sent Wall Street into a spiral, with the Nasdaq losing more than three percent, and came as investors were........

© International Business Times