The US president has demanded that Beijing rescind its retaliatory 34% levies on American imports

President Donald Trump has threatened to slap an additional 50% tariff on all Chinese imports, unless Beijing recalls its proposed retaliatory 34% levy hike in another escalation of the trade war that has wiped trillions of dollars from stock markets.

Last week, the US president rolled out sweeping tariffs ranging from 10% to 49% on imports from all countries. These included a further 34% duty on imports from China, on top of the existing 20% enacted in the months prior. Beijing has announced it will retaliate with a 34% levy hike on US goods by Thursday.

"If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9," Trump wrote on Truth Social on Monday. The US president also threatened to cancel all scheduled talks with China, and instead begin "negotiations with other countries."

Beijing has condemned the tariffs as a "typical move of unilateralism, protectionism and economic bullying."

"It will hurt the US itself as well as others," Chinese Foreign Ministry spokesperson Lin Jian said at a press conference on Monday. Washington's levies will hit developing countries especially hard, and will also disrupt global trade and logistics, he added.

China has lodged a complaint with the World Trade Organization in response to the US tariffs.

Additionally, the Chinese Commerce Ministry has imposed new restrictions aimed at American firms, as well as restrictions on the export of domestic rare-earth minerals. Currently, the US obtains some 70% of the rare-earths it imports from China.

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The escalating trade war between the two superpowers has led to market turbulence and wiped out more than $10 trillion from global equity markets as of Monday, according to Bloomberg.

(RT.com)