Last week, Trump announced a 34 percent “reciprocal” tariff on China in addition to a 10 percent baseline tariff. He said the cost of tariffs and other trade barriers faced by U.S. exporters to China was much higher.

In retaliation, China imposed a 34 percent tariff and took other non-tariff countermeasures against the U.S.

Then on Monday, Trump said if China did not withdraw its 34 percent tariff by the following day, he would as of Wednesday put a further 50 percent tariff on Chinese imports.

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

He added: “China wants to make a deal, badly, but they don’t know how to get it started,” reiterating his belief that the tariffs would force U.S. companies to bring production back home.

That deadline passed and Trump’s new tariff was imposed after midnight on Wednesday.

This is a developing story and more information will be added shortly.