Washington, DC [US], April 7 (ANI): US President Donald Trump on Sunday warned of new and significantly higher tariffs on Chinese goods if Beijing does not withdraw a recent 34 per cent retaliatory tariff hike, threatening to end all ongoing talks with China.

The comments came via a post on his social media platform, Truth Social, amid rising global market turmoil triggered by a tit-for-tat tariff escalation between the world's two largest economies. Trump said China's decision to raise tariffs was a direct violation of earlier warnings and would be met with immediate countermeasures if not reversed by Monday.

'Yesterday, China issued Retaliatory Tariffs of 34 per cent, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidisation of companies, and massive long term Currency Manipulation, despite my warning that any country that Retaliates against the US 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,' Trump wrote.

https://truthsocial.com/@realDonaldTrump/114297331052690348

'Therefore, if China does not withdraw its 34 per cent increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50 per cent, effective April 9th. Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately,' he tweeted.

Trump's threat comes at a time when global financial markets are reacting sharply to his administration's tariff actions. US benchmark indices -- the Nasdaq, S&P 500, and Dow Jones -- each fell between 4 and 5 per cent shortly after markets opened on Monday. Asian and European markets also recorded steep losses, with Japan's Nikkei 225 dropping 5.79 per cent, leading the regional selloff.

Minutes before the opening bell on Wall Street, Trump took to Truth Social again to call on Americans to remain resilient, stating that the situation presented an opportunity to correct longstanding trade imbalances.

'The United States has a chance to do something that should have been done DECADES AGO. Don't be Weak! Don't be Stupid! Don't be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!' he wrote.

In a follow-up post, the President said that multiple countries had expressed interest in beginning new trade negotiations, including Japan.

'Countries from all over the World are talking to us. Tough but fair parameters are being set. Spoke to the Japanese Prime Minister this morning. He is sending a top team to negotiate! They have treated the US very poorly on Trade. They don't take our cars, but we take MILLIONS of theirs. Likewise Agriculture, and many other 'things.' It all has to change, but especially with CHINA!!!'

Amid fears of a global slowdown, Trump maintained that the existing tariffs were bringing in significant revenue to the US, and pointed to other economic indicators to argue the country remained strong.

'Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place,' he wrote.

'This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34 per cent, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate. They've made enough, for decades, taking advantage of the Good OL' USA! Our past 'leaders' are to blame for allowing this, and so much else, to happen to our Country. MAKE AMERICA GREAT AGAIN!'

With global markets in freefall and a deadline of April 8 set by the US president, the next 24 hours are likely to be critical for US-China trade relations and investor confidence worldwide. (ANI)