But shares in TSMC, the world's largest contract chipmaker have slipped, after US President Donald Trump said he would announce a tariff rate on imported semiconductors over the next week. He did add however, that there would be flexibility on some companies in the sector.

President Donald Trump’s latest tariff exemptions on consumer electronics and semiconductors could reduce the negative impact on China’s economy by 0.4 percentage points, if it were to last, according to Citigroup Inc.

Xi's U.S. counterpart, President Donald Trump, kept in place 145% tariffs on China, the world's second-largest economy.

Imposition of new tariffs on nearly every country adds to concerns in Europe and Asia about relying on America.

Beijing has suspended exports of certain rare earth minerals and magnets that are crucial for the world’s car, semiconductor and aerospace industries.

China’s export growth in March was stronger than expected, with shipments likely front-loaded before expected U.S. tariffs.

Trump announced a 90-day pause on a host of global tariffs he had planned, but increased levies on Chinese imports to 145%. "We urge the US to take a big step to correct its mistakes, completely cancel the wrong practice of 'reciprocal tariffs' and return to the right path of mutual respect,

China on Sunday called on the United States to "completely cancel" its reciprocal tariffs after Washington announced exemptions for consumer electronics and key chipmaking equipment.