Trump Threatens Another 50% Tariff on China

China slammed President Trump's tariffs on Monday, while Trump himself remained defiant in the wake of cratering world markets. In fact, Trump threatened to impose an additional 50% tariff on China if that nation doesn't withdraw the 34% tariff it slapped on US goods (matching the penalty Trump imposed on Beijing last week). That would bring the tariff rate for some Chinese imports to more than 100%, notes the Washington Post. "Additionally, all talks with China concerning their requested meetings with us will be terminated!" Trump wrote on Truth Social.

• China: Earlier Monday, Ministry of Foreign Affairs spokesperson Lin Jian accused Trump of jeopardizing the global economy, reports the AP. "Pressure and threats are not the way to deal with China," added Lin. "China will firmly safeguard its legitimate rights and interests."
• China, II: Meanwhile, the People's Daily, the Communist Party's official mouthpiece, also struck a defiant tone on Monday: "Faced with the indiscriminate punches of US taxes, we know what we are doing and we have tools at our disposal," it declared in an editorial, adding that Beijing was no longer "clinging to illusions" about striking a deal.

• Trump: In earlier posts on Truth Social, Trump criticized Beijing for putting the 34% tariff on US goods and thus ignoring "my warning for abusing countries not to retaliate." He called China the "biggest abuser of them all" in regard to nations he sees as taking advantage of the US. "It all has to change, but especially with CHINA!!!"
• Trump, II: "Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!" wrote Trump. (Earlier, Trump said that "sometimes you have to take medicine" when asked about world markets in turmoil.)
• Context: All of the above syncs with an analysis at Bloomberg News about how China has responded to the Trump tariffs. President Xi Jinping has "sent the world a clear message: If the US wants a trade war, China is ready to fight." However, the piece notes that Xi is "walking a tightrope" because he "needs to project strength at home, while supporting an economy grappling with deflation." Consumer confidence in China has been devastated by a years-long housing slump.

This summary was updated with Trump's new threat of an additional 50% tariff on China. (More tariffs stories.)