(MENAFN- Live Mint) US President Donald Trump issued a series of escalating statements on Monday as trade tensions between the United States and China deepened. Trump announced plans to impose a 155% tariff on Chinese goods beginning 1 November, warning Beijing against retaliating against foreign companies supporting American industry.

The US president accused China of punishing US farmers by halting soybean purchases, asserting that his administration“will not allow China to punish our farmers.”

Trump further declared that China would face“big trouble” if it refused to conduct business with the United States, underscoring his readiness to counter any economic threats.

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Trump suggested that Beijing could respond by restricting rare earth exports, a critical component of global manufacturing, but insisted that his administration would meet such measures with higher tariffs.

The US President also hinted at the possibility of aircraft export controls as part of a broader strategy to pressure China into trade concessions.

Despite the sharp rhetoric, Donald Trump expressed optimism that the two nations would ultimately reach a“strong trade deal,” adding that he believed he and President Xi Jinping would“get along with regard to Taiwan.”

The US President's comments came at a meeting with Australian PM Anthony Albanese at the Oval Office, where the leaders signed a multi-billion dollar agreement on critical minerals and defence cooperation.

Trump's meeting with Xi Jinping

Trump also shared more details about his upcoming meeting with Chinese President Xi Jinping in South Korea, showing optimism about their relationship and the potential for a trade deal that benefits both sides.

"I am meeting with President Xi. We have a very good relationship; we are going to be meeting in South Korea in a couple of weeks... I think we are going to work out something which is good for both the countries," he said.

Hoping for a fair and mutually beneficial agreement, Trump said,“I think when we finish our meetings in South Korea, China and I will have a really fair and really great trade deal together. I want them to buy soybeans... It's going to be fantastic for both countries, and it's going to be fantastic for the entire world.”

A lot of countries took advantage, says Trump

Trump also mentioned that several countries had earlier taken advantage of the US; however, he noted that such practices were no longer tolerated.

"A lot of countries took advantage of the US and they are not able to take advantage anymore. China's paying 55 per cent and a potential 155 per cent come November 1st unless we make a deal," he said.

100% tariffs on China

Previously, in a post on Truth Social, Trump announced an additional 100 per cent tariff on Chinese goods.

"Based on the fact that China has taken this unprecedented position, and speaking only for the USA, and not other Nations who were similarly threatened, starting November 1, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying. Also on November 1, we will impose Export Controls on any and all critical software," his post read.

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