Trump threatens China with additional 50% tariff as markets struggle

The blue-chip Dow, the broad S&P 500 and the tech-heavy Nasdaq were all lower after being pounded last week following Trump's long-awaited tariffs reveal.

Trump, in a series of posts Monday on Truth Social, urged Americans to be "strong, courageous and patient." And he accused China of gaining an unfair trade advantage by subsidizing its companies and manipulating currency, slamming the trade giant for hitting the U.S. with retaliatory tariffs in response to the steep tariffs Trump has placed on China.

“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,” Trump said. “Additionally, all talks with China concerning their requested meetings with us will be terminated!”

Trump added that tariff negotiations with leaders of other countries will begin “immediately.” He said several have requested meetings.

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Trump announced on April 2 a 10% tariff on all countries that went into effect over the weekend. Even higher tariffs on dozens of nations are set to start this Wednesday. A 34% levy was placed on China − on top of recently imposed 20% tariffs on Chinese goods.

China hit back with the 34% tariff on all U.S. imports, while other countries around the world denounced Trump's moves and threatened their own retaliatory tariffs. European leaders met in Luxembourg on Monday to discuss the European Union’s response to Trump’s latest tariffs. Global stock markets plunged on Monday.

White House denies considering 90-day pause in tariffs
The White House on Monday said Trump is not considering a 90-day pause on his tariffs, rejecting an earlier report from CNBC.

“Wrong. Fake news,” the White House said on its rapid response X account.

The CNBC on-air report said Trump was considering a 90-day pause of his tariffs except for China. But the the report was based on an interview economic adviser Kevin Hassett conducted earlier in the day on Fox News in which Hassett defended Trump’s tariffs and did not embrace a timeout.