Trump Threatens 50% Tariff on China Amid Escalating Trade Tensions

Donald Trump has warned China of a 50% tariff on goods imported into the United States if Beijing does not withdraw its 34% counter-tariff. 

This threat comes after global markets have continued to decline, following last week's decision by Trump to impose a 34% tax on Chinese imports as part of his "Liberation Day" initiative, which introduced a minimum 10% levy on nearly all US  trading partners.

Trump posted on social media Monday, giving China a deadline of Tuesday to reverse its countermeasures or face the steep tariff increase. In response, the Chinese embassy in Washington accused the US of "economic bullying," stating that Beijing would “firmly safeguard its legitimate rights and interests.”

If Trump proceeds with the 50% tariff, US companies could face a combined tariff rate of up to 104% on Chinese imports, adding to the 20% tariffs implemented in March and the recent 34% tariff. This escalation has raised concerns about a potential deepening of the trade war between the US and China, two of the world's largest economies and rivals on the global stage.