US President Donald Trump has threatened to impose an additional 50 per cent tariff on Chinese imports unless Beijing withdraws its 34 per cent counter-tariff, as global markets continue to slump.
China hit back on Sunday after Trump’s earlier move to apply a 34 per cent tax on Chinese goods—part of his so-called “Liberation Day,” which also introduced a baseline 10 per cent tariff on most US trading partners.
In a post on Truth Social on Monday, Trump gave China until Tuesday to reverse its response or face the new 50 per cent tax.
Reacting to this, the Chinese embassy in Washington accused the US of “economic bullying” and vowed to defend China’s rights and interests.
If Trump follows through, US businesses could be hit with a total tariff rate of 104 per cent on Chinese imports—adding to the 20 per cent tariff set in March and the 34 per cent introduced last week.
Experts warn this could escalate tensions and deepen the ongoing trade war between the world’s two largest economies.
Trump also announced that any ongoing trade talks with China would be cancelled, stating: “All talks with China concerning their requested meetings with us [on tariffs] will be terminated!”
He made it clear he wasn’t considering a pause in global tariffs to make room for negotiations with other nations.
“We’re not doing that. A lot of countries are coming to the table, and we’ll strike fair deals,” Trump said.
He added that China’s move came “despite my warning that any country that retaliates against the US by issuing additional tariffs… will be immediately met with new and substantially higher tariffs.”
