But he also threatened to raise cumulative tariffs on China to over 100% — a move that could lead to massive price increases for US shoppers for iPhones, computers and toys. He also implied that the America’s erstwhile friends in the European Union were such implacable foes that there can never be a fair deal.

Several days after President Donald Trump announced sweeping "Liberation Day" tariffs on much of the world, shock waves continue to ripple through the national and international business community. The Dow Jones Industrial Average dropped again Monday after plunging Thursday and Friday,

President Donald Trump's harsher-than-expected global tariffs sent economists scrambling to revise their economic estimates. They project the U.S. economy faces higher inflation, slower growth, and greater recession risks.

Trump said on Truth Social he would impose the new tariffs on China if Beijing did not retract a 34% retaliatory tariff on U.S. goods that it announced in response to Trump's initial salvo last Wednesday.

The US president says he will introduce the additional tariff unless China withdraws its own 34% counter-tariff on American goods.

Congress could stop the tariffs at any time. The Constitution gives Congress the power to control tariffs, but lawmakers have over the decades ceded their power to the White House with laws expanding the president’s trade powers,

U.S. President Donald Trump threatened to further increase tariffs on China on Monday, raising the possibility of further escalation in a trade war that has already wiped trillions of dollars from global markets.

The higher rates are set to be collected beginning Wednesday, ushering in a new era of economic uncertainty with no clear end in sight.

As countries around the world scramble to negotiate concessions from US President Donald Trump’s escalation last week of a global trade war, China has taken a different tack.