WASHINGTON — President Donald Trump threatened China with an additional 50% tariff Monday, three days after Beijing said it would impose a 34% retaliatory tariff on U.S. exports to the country.

China said its 34% tariff was in response to the 34% reciprocal tariff that Trump plans to impose on China starting Wednesday.

What You Need To Know

  • President Donald Trump threatened China with an additional 50% tariff Monday

  • The move comes three days after China said it would impose a 34% retaliatory tariff on U.S. exports to the country

  • China said its 34% tariff was in response to the 34% reciprocal tariff Trump said he would impose on China starting Wednesday

  • In a post on Truth Social, Trump gave China until Tuesday to withdraw its retaliatory tariff

Accusing China of “record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidization of companies, and massive long term Currency Manipulation” in a Truth Social post, Trump said the country had defied his warning that retaliatory tariffs would be met with even larger tariffs.

In a significant escalation of the global trade war he started that has shaken financial markets around the world and increased the risk of recession, Trump said the additional 50% tariff on top of the 34% reciprocal tariff on Chinese imports to the U.S. would take effect Wednesday if China did not withdraw its retaliatory tariff by Tuesday.

“All talks with China concerning their requested meetings with us will be terminated!" he wrote in the post. "Negotiations with other countries, which have also requested meetings, will begin taking place immediately.”