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US president Donald Trump has issued a fresh threat of hitting China with 10 per cent tariffs on all imports which can come into force as soon as 1 February, despite a “very good” call with Chinese president Xi Jinping.

On the very first full day of his second presidency, Mr Trump said the tariffs on China were still on the table in his remarks to reporters at the White House on Tuesday. The remarks came even after Mr Trump refrained from mentioning China from the countries he was looking to target immediately.

“We’re talking about a tariff of 10 per cent on China, based on the fact that they’re sending fentanyl to Mexico and Canada,” Mr Trump said during an event at the White House. “Probably 1 February is the date we’re looking at.”

During his campaign, Mr Trump pledged to impose sweeping tariffs against China and other countries and said he would hit Chinese products with 60 per cent tariffs in what could have been a serious blow to the second-largest economy.

However, Mr Trump’s opening moves have been milder than expected in comparison to the 25 per cent tariffs he said he could impose on Mexico and Canada by 1 February on his first day in office.

The Chinese foreign ministry on Wednesday pledged to defend its “national interests” after Mr Trump’s latest warning.

“We have always believed that there are no winners in a trade war or a tariff war,” foreign ministry spokesperson Mao Ning said, in daily briefing when asked about the tariff.

She added that Beijing was “firmly committed to safeguarding national interests”.

His repeated threat of punitive duty on the Chinese plummeted Chinese stocks and currency on Wednesday. The mainland’s CSI 300 index fell 1 per cent, its first decline in five days and Hong Kong’s Hong Kong’s Hang Sen was the worst performer in Asia, falling 1.6 per cent.

Mr Trump also threatened the European Union with tariffs, saying it was “very bad” to the US. He said the EU and other countries also had troubling trade surpluses with the United States.

“China is an abuser, but the European Union is very, very bad to us,” he said. “They treat us very, very badly. So they’re going to be in for tariffs. It’s the only way you’re going to get back. It’s the only way you’re going to get fairness.”

Despite the tariff threats, Mr Xi and Mr Trump held a phone call a weekend before the incoming president’s swearing-in ceremony. It was their first call in four years and Mr Trump described it as a “very good” covering “Trade, Fentanyl, TikTok, and many other subjects”.

“I just spoke to Chairman Xi Jinping of China,” Mr Trump wrote on his social media platform, Truth Social. “It is my expectation that we will solve many problems together, and starting immediately.”

“President Xi and I will do everything possible to make the World more peaceful and safe!” he wrote.

Chinese foreign ministry said Mr Xi and Mr Trump “attach great importance to mutual interactions,” and “hope for a good start of the China-US relationship” during Mr Trump’s second term in White House.

His inauguration was attended by China’s most senior official ever to attend a US president’s inauguration with Mr Xi sending vice president Han Zheng.

Mr Trump on Monday signed a broad trade memorandum ordering federal agencies to complete comprehensive reviews of a range of trade issues by 1 April.

It includes analyses of persistent US trade deficits, unfair trade practices and currency manipulation among partner countries, including China.