China, Japan and South Korea agreed to jointly respond to U.S. tariffs, a social media account affiliated with Chinese state media said on Monday, an assertion Seoul called "somewhat exaggerated", while Tokyo said there was no such discussion.

China is seeking to coordinate its response to U.S. tariffs with Japan and South Korea, Chinese state media said.

Ahead of the rollout of US President Donald Trump’s reciprocal tariffs, China has reached out to fellow Asian countries in an apparent bid to create partnerships to minimise the fallout from tariffs

Alongside Wall Street, global stock markets took a beating after Trump unveiled a 10% baseline tax on all imports, as well as higher tariff rates for some major trade partners.

Allies and adversaries alike were reeling from Trump’s tariff blitz, with some signaling they were ready to retaliate, while others were still hoping for talks.

China vows to retaliate against Donald Trump's new tariffs, which raise average US tariffs on China to at least 65%, and urges the US to "immediately cancel" the tariffs. But this could wind up being a bright spot for Beijing.