Donald Trump's ultimatum to China: Withdraw retaliatory tariffs by tomorrow or face 50% more

United States President Donald Trump has said that the US will levy an additional 50% tariff on imports from China if the latter does not withdraw its retaliatory 34% tariff on American goods.
In a post on Truth Social -- a platform that Trump owns -- the president said that "any country that Retaliates against the U.S. by issuing additional Tariffs, above and beyond their already existing long term Tariff abuse of our Nation, will be immediately met with new and substantially higher Tariffs, over and above those initially set."

'Long term trading abuses'
He added that if Beijing does not withdraw its 34% retaliatory tariffs by April 8, it will be slapped with additional tariffs of 50% starting April 9. "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," the 78-year-old president wrote.

Trump's 'Liberation Day' taxes
On April 2, Trump had announced what he has been calling reciprocal tariffs on imports from dozens of countries. He said the fresh taxes were needed to fix trade imbalances between the US and other nations. China was slapped with a high 34% tariff, after which the Asian country announced an equal percentage of tariffs on all US products.

Stock markets around the world tumble
Trump's tariffs announcement sent stock markets all across the globe into turmoil as economists warn that the trade war could bring economic slowdown and even potentially trigger a recession.