US President Donald Trump said on Monday he will impose an additional 50% tariff on China if Beijing does not withdraw its retaliatory tariffs on the United States.

“Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately,” Trump said in a post on Truth Social.

Meanwhile, heads of the US’s largest banks met with Commerce Secretary Howard Lutnick on Thursday to discuss President Donald Trump’s sweeping tariff plans a day after they were announced, according to a source familiar with the meeting.

CEOs from the nation’s largest banks met with Lutnick in Washington as part of a meeting hosted by the Financial Services Forum, an industry lobbying group.

Lutnick discussed the administration’s strategy toward tariffs and CEOs asked questions, the source said.

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