US officials have issued a clarification about their trade dispute with China. After saying on Wednesday that they have imposed additional tariffs of 125 percent, they now say the figure is 145 percent. Chinese leaders have responded with steps of their own.

President Donald Trump imposed additional tariffs of 20 percent on China shortly after taking office. The White House has clarified that the figure of 125 percent refers to the so-called reciprocal tariffs that have been added since then.

Trump told reporters on Thursday that he is looking to cut a deal with Chinese President Xi Jinping and that he is hopeful to "end up working out something that's very good for both countries."

However, China is hitting back with additional 84 percent tariffs on US imports, which took effect on Thursday. It is also engaging in cultural retaliation.

The government's film administration announced a reduction in the number of American movies it will allow into China. It suggested that it will meet the demand of the world's second largest movie market with films from other countries.

The tourism ministry is also advising travelers to reconsider trips to the US.

The director general of the World Trade Organization, Ngozi Okonjo-Iweala, is sounding the alarm about the impact of the dispute on global trade. She urged all members to seek cooperation through dialogue and warned that trade between the US and China could decrease by as much as 80 percent.

She added that the dispute could divide the world into two separate trading factions and decrease overall GDP by nearly 7 percent.