WASHINGTON, D.C. – U.S. President Donald Trump has threatened to slap a further 50pc tariff on Chinese imports unless Beijing withdraws a 34pc counter-tariff it announced on Friday.
In a post on his social media platform, Truth Social, Trump said the new measure would be implemented “immediately” if China does not back down.
The move would bring the total tariff rate on Chinese goods entering the U.S. to 104pc.
“Any country that retaliates against the U.S. by issuing additional tariffs… will be immediately met with new and substantially higher tariffs,” Trump wrote.
The standoff began on Wednesday when Trump imposed a 34pc tariff on Chinese imports—part of a broader set of duties targeting dozens of U.S. trading partners.
Beijing responded with an identical 34pc tariff on American goods just two days later.
The growing tension between the world’s two largest economies has triggered fears of a global trade war, rattling financial markets.
Asian stock markets plunged, with Hong Kong’s Hang Seng index falling more than 13pc—its steepest one-day drop since 1997. European indexes also closed lower amid investor uncertainty.
Despite the tough rhetoric, Trump signaled that negotiations over tariff rates would begin “immediately.”
He is expected to meet Israeli Prime Minister Benjamin Netanyahu later today, with trade among the issues likely to be discussed.
Trump also announced that Japan is sending a negotiation team to Washington to discuss the tariffs.
Meanwhile, European Commission President Ursula von der Leyen has offered Trump a “zero-for-zero” tariff deal but warned that the EU is prepared to defend its interests.
“We are also prepared to respond through countermeasures,” she said.
