U.S. President Donald Trump has threatened to impose substantial new tariffs on imports from China unless the latter rescinds its retaliatory tariffs imposed in response to earlier U.S. actions.

In a post on his Truth Social platform on April 3, Trump stated that if China does not withdraw a 34% increase in tariffs by the following day, the United States would initiate additional tariffs of 50% starting April 9.

This development follows China's implementation of countermeasures after Trump announced a significant increase in tariffs on imports from the world's second-largest economy.

Since his return to the presidency, Trump has already imposed an additional 20% tariff on Chinese imports, attributing the need for such measures to China's alleged role in the fentanyl crisis in the United States.

The impending 34% tariff on Chinese products is set to take effect on April 5. According to a White House statement, the new tariffs suggested by Trump would be added to previously imposed tariffs, potentially raising the total additional tariffs for the year to 104%.

China's response includes plans to enforce restrictions on the export of rare earth elements and to introduce a 34% tariff on U.S. goods, effective starting April 10. Trump has criticized China's economic practices on social media, labeling their tariffs as 'non-cash tariffs' and condemning what he regards as illegal support for state-owned enterprises.

Trump further declared that all discussions with China regarding requested meetings will cease.

However, he indicated that negotiations with other countries that have also sought meetings will commence immediately.