Washington, April 7 -- US President Donald Trump on Sunday warned of new and significantly higher tariffs on Chinese goods if Beijing does not withdraw a recent 34 per cent retaliatory tariff hike, threatening to end all ongoing talks with China.

The comments came via a post on his social media platform, Truth Social, amid rising global market turmoil triggered by a tit-for-tat tariff escalation between the world's two largest economies. Trump said China's decision to raise tariffs was a direct violation of earlier warnings and would be met with immediate countermeasures if not reversed by Monday.

"Yesterday, China issued Retaliatory Tariffs of 34 per cent, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Su...