The global economy appeared to be in open rebellion against President Donald Trump's tariffs as they took effect Wednesday.Business executives are warning of a potential recession caused by his policies,

They don’t think trade deficits are the problem he says they are. And most strikingly, they don’t think he understands the economics of trade.

Several new, sweeping taxes on goods from other countries are already here — and more took effect on Wednesday. Trump has promised higher rates for his latest and most severe volley of duties, which he calls “reciprocal” tariffs.

China on Wednesday called its trade surplus with the United States an inevitability and warned it had the "determination and means" to continue the fight if Trump kept hitting Chinese goods with tariffs to try and bring it down.

US President Donald Trump's latest wave of tariffs has come into force, with imports from China hit by a 104% rate amid an escalating standoff between the world's two biggest economies. Tariffs ranging from 11% to 50% now apply to imports from around 60 US trade partners,

China raised tariffs slapped on American goods to 84% and says it will not back down amid President Trump's threats on trade. CBS News' Weijia Jiang reports from the White House, Anna Coren reports from Hong Kong and Jill Schlesinger has more on the American impact.

The Office of the Customs Tariff Commission of China’s State Council said the new tariffs would take effect after midday in Beijing on Thursday and were in response to an additional 50 percentage point punitive charge Washington levied on China on Wednesday.

The United States said on Tuesday that 104% duties on imports from China will take effect shortly after midnight, even as the administration of President Donald Trump moved to quickly start talks with other trading partners targeted by sweeping tariffs.

The president wants to end so-called non-tariff barriers, including EU regulations that keep out U.S. poultry.