WASHINGTON (TNND) — Hours before President Donald Trump's most aggressive tariffs to date are set to take effect on trading partners across the globe, it's not an exaggeration to say the world is hanging on every word coming out of the White House about trade and whether Trump is willing to negotiate with other nations.

"Sometimes you have to mix it up a little bit but we’ve had great, great consideration. We’ve had talks with many, many countries, over 70. They all want to come in. Our problem is, can’t see that many that fast, but we don't have to because as you know the tariffs are on," Trump said during an executive order signing Tuesday, minutes after Wall Street's closing bell marked another day of steep losses for stocks.

In the latest back-and-forth between the U.S. and China, White House Press Secretary Karoline Leavitt confirmed the level of tariffs the Trump administration will impose on China at midnight Wednesday will be 104% after the adversary did not meet Trump's deadline to remove its 34% retaliatory tariffs on American goods.

"It was a mistake for China to retaliate. The president, when America is punched, he punches back harder," Leavitt said.

The press secretary told reporters that Trump believes China wants to make a deal with the U.S. on trade but doesn't know how to get things started.

"The president also wanted me to tell all of you that if China reaches out to make a deal, he'll be incredibly gracious but he's going to do what's best for the American people," Leavitt said.

Just a day earlier, in a social media post in which Trump threatened China with additional tariffs, he said, "Additionally, all talks with China concerning their requested meetings with us will be terminated!"

In a statement Tuesday, China's Ministry of Commerce called Trump's tariffs "completely unfounded" and "a typical example of unilateral bullying."

"China's countermeasures, already implemented, are fully justified as they aim to uphold China's sovereignty, security, and development interests while preserving the normal international trade order. The U.S. threat to escalate tariffs is doubly erroneous, once again exposing its extortionist nature. China firmly rejects such actions. Should the U.S. persist in this reckless course, China will respond resolutely until the end," the statement said.