US President Donald Trump escalated tensions by threatening to impose additional tariffs on Chinese goods, intensifying the global trade war that's triggering a massive selloff in global markets.

China announced a set of retaliatory measures in response to Trump's reciprocal tariffs announcement on Wednesday, including a 34% tariff on all US imports effective April 10, in addition to export controls on seven rare earth minerals and adding 11 companies to its unreliable companies list.

Trump made a threat on Monday, warning that "if China does not withdraw its 34% increase above their already long term trade abuses by tomorrow, April 8th 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th."

In a post on his social media platform Truth Social, Trump announced that any meetings with China to negotiate a trade agreement were "terminated", while noting that negotiations with other countries will "begin taking place immediately!"

Beijing was quick to respond, with its foreign affairs spokesperson, Lin Jian, criticizing the United States, stating that its policies represent “unilateralism, protectionism and economic bullying with tariffs.” Jian warned that such actions could severely damage global economic recovery.

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“Putting ‘America First’ over international rules harms the stability of global production and the supply chain and seriously impacts the world's economic recovery,” Lin Jian stated, adding that “the abuse of tariffs by the United States is tantamount to depriving countries, especially those in the Global South, of their right to development.”

The White House told AFP that the new 50 percent tariffs, combined with the existing 34 percent rate, could push total additional tariffs this year to 104 percent.

Trump's tariffs fueling a global trade war

Canadian Prime Minister Mark Carney accused the US of abandoning its traditional leadership role in global economic cooperation, stating that “The global economy is no longer the same as it was yesterday,” while unveiling a limited set of countermeasures on April 3.

The European Union has also promised to respond, with French President Emmanuel Macron calling on European countries to halt their investments in the United States, while German Chancellor Olaf Scholz previously asserted on March 31 that the EU would unite against Trump should he refuse to cooperate with the bloc.

Rising US tariff actions risk triggering a significant global trade downturn, World Trade Organization Director General Ngozi Okonjo-Iweala warned on April 3 amid growing demands from member nations for explanations regarding the implications of America's changing economic policies.

"The impact on global trade prospects and economic growth is becoming increasingly clear," Okonjo-Iweala stated, warning that retaliatory tariffs could spiral into a bigger tariff war.

The United States' sweeping imposition of tariffs is set to have far-reaching effects on global trade, Russian Security Council Deputy Chairman Dmitry Medvedev said on April 3 in his telegram channel, adding that "old trade chains will be broken, but new ones will arise."