Trump Threatens Additional 50% Tariffs on China

US President Donald Trump threatened to further increase tariffs on China on Monday, raising the possibility of further escalation in a trade war that has already wiped trillions of dollars from global markets.

- REUTERS 7 April

Trump said he would impose an additional 50 per cent duty on US imports from China on Wednesday if the world's No. 2 economy did not withdraw the 34 per cent tariffs it had imposed on US products last week. Those Chinese tariffs had come in response to 34 per cent "reciprocal" duties announced by Trump.

"All talks with China concerning their requested meetings with us will be terminated!" he wrote on social media.

The announcement injected further turbulence into global financial markets, which have fallen steadily since Trump's announcement. A 10 per cent tariff took effect on all imports into the world's largest consumer market on Saturday, and targeted duties of up to 50 per cent are due to snap into place on Wednesday.