Trump will explain tariffs on electronics on Monday

Chinese Foreign Ministry spokesperson Lin Jian told reporters at a Wednesday briefing that Beijing "will continue to take resolute and strong measures" in the face of President Donald Trump's latest tariffs.

China, Lin said, "stands ready to work with all parties to uphold multilateralism" and promote "globalism."

"We will not let anyone take away the Chinese people's legitimate right to development," Lin said. "We will not tolerate any attempt to harm China's sovereignty, security and development interests. We will continue to take resolute and strong measures to safeguard our legitimate rights and interests."

"China stands ready to work with all parties to uphold true multilateralism, jointly oppose various forms of unilateralism and protectionism, diffuse risks, address challenges and promote a universally beneficial and inclusive economic globalization," Lin told reporters.

The imposition of tariffs, the spokesperson said, drives up costs of shipping, increases inflation, undermines global stability and "hurts" U.S. interests.

"We urge the U.S. to correct its wrong decision," Lin added.

-ABC News' Karson Yiu

A steep 104% tariff on most imports from China went into effect early Wednesday morning, along with levies on dozens of other countries -- part of sweeping trade maneuvers from President Donald Trump that have roiled global financial markets.

The new tariffs were set to go into effect at 12:01 a.m. on Wednesday, one week after Trump first unveiled his "Liberation Day" tariff plan.

In addition to the steep levy imposed on Chinese, the U.S. is slapping tariffs on imports from dozens of other countries, including:

• 46% on Vietnam
• 32% on Taiwan
• 25% on South Korea
• 24% on Japan
• 20% on European Union countries

Under Trump's plan, the tariff on Chinese imports was originally set at 34%. Added to an existing 20% tariff on China, that brought the total rate to 54%. After Chinese officials announced retaliatory measures, the White House said the U.S. would raise the overall rate on Chinese imports by another 50% -- bringing it to a total of 104%.

The first phase of Trump's tariff plan - baseline 10% tariffs on imports from nearly all U.S. trading partners -- went into effect early Saturday.

During his remarks at the National Republican Congressional Committee dinner in Washington, D.C., on Tuesday, President Donald Trump touted his tariffs plan, doubling down and telling GOP congressional members, "I know what the hell I'm doing."

Trump's comments come as concerns grow about the impact the tariffs will have on the economy and stock market.

With his reciprocal tariffs set to go into effect at 12:01 a.m. ET on Wednesday, the president again said that the US has been ripped off and that he’s putting an end to it.

"Many countries have -- they've ripped us off left and right. But now it's our turn to do the ripping," he said.

Trump claimed that countries have been calling him wanting to make a deal in the lead up to the sweeping tariffs.

"I'm telling you, these countries are calling us up, kissing my a**. They are -- They are dying to make a deal," he said.

-ABC News' Hannah Demissie

President Donald Trump's sweeping tariff policies are already impacting home building.

ABC News spoke with Scott Saling, a second-generation contractor in Potomac, Maryland.

Saling said nearly every material used to build his home comes from overseas -- or is constructed from materials imported from other countries -- from the HVAC to the railings, the sheetrock, the metal brackets and the lumber too.

"You've got steel, tile wood, all sourced from Canada and China," Saling said.

Already, Saling said his suppliers have started raising prices anywhere from 5% to 20% on supplies amid the tariff threats.

"Increases on roofing and lumber materials and metal. It's already here," he said, adding he has "no choice" but to pass the costs off to his customers.

-ABC News' Rachel Scott Benjamin Siegel