US President Donald Trump threatened additional tariffs on China on Monday, raising fresh concerns that his drive to rebalance the global economy could lead to a trade war.
Trump's threat, which he delivered on Truth Social, came after China said it would retaliate against US tariffs announced last week.
“If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th,” he wrote on Truth Social. "Additionally, all talks with China concerning their requested meetings with us will be terminated!"
The 50% charge would come on top of the 34% duty the president imposed on all Chinese imports — set to begin Wednesday — as well as a 20% levy that he put in place earlier tied to fentanyl trafficking, according to a White House official.Trump has remained defiant as the stock market continued plunging and fears of a recession grew.
“Be Strong, Courageous, and Patient, and GREATNESS will be the result!” he wrote.
The Dow Jones Industrial Average dropped 1,200 points as trading began on Monday morning, and the S&P 500 was on track to enter a bear market, which means falling 20% from a recent high. Even some of Trump's allies are raising alarms about the economic damage, and financial forecasts suggest more pain on the horizon for U.S. businesses, consumers and investors.
The Republican president has insisted his tariffs are necessary to rebalance global trade and rebuild domestic manufacturing. He accused other countries of “taking advantage of the Good OL’ USA!” on international trade and said “our past ‘leaders’ are to blame for allowing this.” He singled out China as “the biggest abuser of them all” and criticized Beijing for increasing its own tariffs in retaliation.
Trump also called on the Federal Reserve to lower interest rates. On Friday, Federal Reserve Chair Jerome Powell warned that the tariffs could increase inflation, and he said “there’s a lot of waiting and seeing going on, including by us,” before any decisions would be made.
Investors expect the U.S. central bank to cut its benchmark interest rates at least four times by the end of this year, according to CME Group's FedWatch, a sign that concerns about inflation will be eclipsed by fears of layoffs and a shrinking economy.
Trump's threat, which he delivered on Truth Social, came after China said it would retaliate against US tariffs announced last week.
“If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th,” he wrote on Truth Social. "Additionally, all talks with China concerning their requested meetings with us will be terminated!"
The 50% charge would come on top of the 34% duty the president imposed on all Chinese imports — set to begin Wednesday — as well as a 20% levy that he put in place earlier tied to fentanyl trafficking, according to a White House official.Trump has remained defiant as the stock market continued plunging and fears of a recession grew.
“Be Strong, Courageous, and Patient, and GREATNESS will be the result!” he wrote.
The Dow Jones Industrial Average dropped 1,200 points as trading began on Monday morning, and the S&P 500 was on track to enter a bear market, which means falling 20% from a recent high. Even some of Trump's allies are raising alarms about the economic damage, and financial forecasts suggest more pain on the horizon for U.S. businesses, consumers and investors.
The Republican president has insisted his tariffs are necessary to rebalance global trade and rebuild domestic manufacturing. He accused other countries of “taking advantage of the Good OL’ USA!” on international trade and said “our past ‘leaders’ are to blame for allowing this.” He singled out China as “the biggest abuser of them all” and criticized Beijing for increasing its own tariffs in retaliation.
Trump also called on the Federal Reserve to lower interest rates. On Friday, Federal Reserve Chair Jerome Powell warned that the tariffs could increase inflation, and he said “there’s a lot of waiting and seeing going on, including by us,” before any decisions would be made.
Investors expect the U.S. central bank to cut its benchmark interest rates at least four times by the end of this year, according to CME Group's FedWatch, a sign that concerns about inflation will be eclipsed by fears of layoffs and a shrinking economy.
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