US President Donald Trump has implemented "reciprocal tariffs" against more than 180 countries on Wednesday, with China bearing the biggest brunt with an additional 34% tariff on Chinese goods.

The US has imposed a 34% reciprocal tariff on China, in addition to the existing 20% levies on the country, bringing the total tariffs on Chinese imports to 54%.

The White House argued that these tariffs are necessary "to rectify trade practices that contribute to large and persistent annual United States goods trade deficits."

The reciprocal tariffs on China also "apply equally to articles" of both Hong Kong and Macau, the White House said.

In response, China said it firmly opposes the latest action, with the Ministry of Commerce warning that it will adopt countermeasures to safeguard China's rights and interests.

"There is no winner in a trade war, and protectionism leads nowhere," a spokesperson for the ministry was quoted by state-run Xinhua News Agency as saying.

The news sent Chinese stocks lower on Thursday, with the Shanghai Composite Index falling 0.2% and the Shenzhen Composite Index slipping 1.4%.

Shares of Luxshare Precision Industry (SHE:002475) were among the hardest hit, falling 10% in Shenzhen. The company, which is reportedly considering a Hong Kong listing this year, assembles iPhones for US tech giant Apple.

Home appliance maker Midea Group (SHE:000333, HKG:0300), which ships appliances to the US, also slipped more than 3% in Shenzhen and nearly 5% in Hong Kong.

Trump's announcement of 25% tariffs on more than $460 billion worth of imported vehicles and auto parts annually also dented auto stocks in China.

Shares of Great Wall Motor (HKG:2333, SHA:601633) slid 2% in Shanghai and 4% in Hong Kong, while shares of Guangzhou Automobile Group (SHA:601238, HKG:2238) fell more than 3% in Hong Kong and more than 1% in Shanghai.