Global markets are watching closely to see if Thursday's planned meeting between the two presidents can halt a trade war sparked by the sweeping tariffs Trump announced after returning to office this year.

China said on Tuesday it was ready to "fight to the end" in a trade war with the United States after President Donald Trump said he would impose an additional 100 percent tariff on the world's second-largest economy.

US President Donald Trump announced Thursday punishing tariffs on pharmaceuticals, big-rig trucks, home renovation fixtures and furniture, reviving his global trade war.

Asian stocks rallied Monday after top Chinese and US officials held "substantial" trade talks at the weekend, fuelling hopes the two sides will dial down a tariff standoff that has rattled global markets and fuelled recession fears.

Senior US and Chinese officials are in Switzerland this weekend for talks aimed at de-escalating a burgeoning trade war sparked by President Donald Trump's sweeping tariff rollout, and fueled by strong retaliatory measures from Beijing.

Trade tensions between the world's two biggest economies have soared as Trump ramped up levies on imports from China this year, imposing an additional 145 percent tariff on many products over practices Washington has deemed unfair, and other issues.

China said Monday that exports soared 12.4 percent year-on-year last month, beating expectations as Beijing navigated mounting trade headwinds sparked by US President Donald Trump.

The threat of a trade war has caused increasing political ructions, with Canada's looming general election on April 28 set to be dominated by how to deal with Trump, who has also called for the United States to annex Canada.