WASHINGTON >> Undeterred by a panicked stock market, President Donald Trump threatened additional tariffs on China on Monday, raising fresh concerns that his drive to rebalance the global economy could intensify a financially destructive trade war.

Trump’s threat came after China said it would retaliate against U.S. tariffs he announced last week.

“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 wrote on Truth Social. “Additionally, all talks with China concerning their requested meetings with us will be terminated!”

The U.S. president has shown few signs of backing down on tariffs despite the mounting pressure in the financial markets. His commitment to tariffs could have devastating effects for the global economy, even though Trump is banking that it will ultimately pay off with manufacturing jobs.

Asked Monday if he would consider a pause on his widespread tariffs, Trump said, “We’re not looking at that.” The U.S. president said he was open to negotiations “if we can make a really fair deal and a good deal for the United States.” Trump added that it’s possible to have both negotiated settlements with other countries and permanent tariffs.

Even as Israeli Prime Minister Benjamin Netanyahu said his country would take its tariffs against U.S. goods to zero, Trump was noncommittal about removing the new import taxes placed on an ally. The White House also said Monday that Trump would veto a Senate bill that would mandate congressional approval for new tariffs, a bet that the critical mass of Republican lawmakers will loyally back him despite the economic and political risks.

However, there are signs of frustration even among Trump’s allies. Sen. John Kennedy, a Louisiana Republican, said he supports the president’s goals of better trade deals but worries about the economic uncertainty.

“We don’t know if the medicine will be worse than the disease,” Kennedy said, adding, “This is President Trump’s economy now.”

If Trump implements his new taxes on imports from China, U.S. tariffs on Chinese goods would reach a combined 104%. The new taxes would be on top of the 20% tariffs announced as punishment for fentanyl trafficking and his separate 34% tariffs announced last week. Not only could that increase prices for American consumers, it could also give China an incentive to flood other countries with cheaper goods and seek deeper relationships with other trading partners.

The Chinese Embassy in the U.S. on Monday responded to Trump’s latest tariff threat by saying his bluster would not help him resolve any trade disputes.

“We have stressed more than once that pressuring or threatening China is not a right way to engage with us,” said Liu Pengyu, the embassy spokesman. “China will firmly safeguard its legitimate rights and interests.”

After sell-offs on the prior two days of trading, the Dow Jones Industrial Average on Monday fell 0.9%. The S&P 500 slumped 0.2%, and the Nasdaq composite was up 0.1%.

Trump frequently bragged about stock market gains during his first term, and the threat of losses on Wall Street was viewed as a potential guardrail on risky economic policies in his second term. But that hasn’t been the case, and Trump has described days of financial pain as necessary.

“I don’t mind going through it because I see a beautiful picture at the end,” he said.

Trump officials have frequently appeared on television to make the case for his policies, but none of their explanations have calmed the markets. The only improvement came from a false report that top economic adviser Kevin Hassett said Trump was considering a pause on all tariffs except for China. Stock prices spiked before the White House denied it was true by calling the post “fake news.”

The Republican president has remained defiant despite fears that he could be pushing the U.S. toward a recession, insisting that his tariffs are necessary for rebuilding domestic manufacturing and resetting trade relationships with other countries.

But his aggressive push has scrambled U.S. economic policy. Even though inflation remains elevated, Trump has called on the Federal Reserve to lower its benchmark interest rates that were increased to constrain price increases.

Federal Reserve Chair Jerome Powell warned Friday that the tariffs could increase inflation, and he said, “There’s a lot of waiting and seeing going on, including by us,” before any decisions would be made.

European Commission President Ursula von der Leyen said the European Union would focus on trade with other countries besides the United States, saying there are “vast opportunities” elsewhere.

Trump said he spoke with Japanese Prime Minister Shigeru Ishiba to start trade negotiations. He complained on Truth Social “they have treated the U.S. very poorly on Trade” and “they don’t take our cars, but we take MILLIONS of theirs.”

Ishiba said he told Trump that he’s “strongly concerned” that tariffs would discourage investment from Japan, which has been the world’s biggest investor in the U.S. in the past five years. He described the situation as a “national crisis” and said his government would negotiate with Washington to urge Trump to reconsider the tariffs.

White House trade adviser Peter Navarro suggested countries would need to do much more than simply lower their own tariff rates to reach deals, an indication that talks could be a drawn-out process.