US President Donald Trump has warned that tariffs on Chinese imports could soar to 155% from November 1, setting the stage for one of the sharpest trade escalations in recent years. Speaking from the White House alongside Australian Prime Minister Anthony Albanese, Trump claimed that Beijing was already paying “tremendous amounts” in existing duties and hinted that patience was running out.
“China’s paying 55 per cent and a potential 155 per cent come November 1st unless we make a deal,” Trump said.
The warning followed Trump’s post on Truth Social, where he threatened an additional 100% tariff on top of current duties if talks break down. He also pledged sweeping export controls on critical software, insisting the move would “affect all countries, without exception.” Trump accused China of orchestrating a “years-old plan to undercut global trade.”
Despite his hard-hitting rhetoric, Trump confirmed that he will meet Chinese President Xi Jinping in South Korea in the coming weeks, describing their relationship as “very good.” The meeting is expected to revive stalled negotiations and explore a potential “fair and great trade deal.” Trump also revealed he had accepted an invitation to visit China in early 2026, signalling that channels for dialogue remain open.
“I want them to buy soybeans,” Trump quipped, reiterating his demand for stronger agricultural trade ties with Beijing.
The tariff warning came during Trump’s meeting with Albanese, where the two leaders announced an $8.5 billion cooperation agreement to strengthen defence technology and critical minerals partnerships. Albanese said the pact would help “secure supply chains and reinforce security cooperation” between Washington and Canberra.
“USD 8.5 billion is in the pipeline,” the Australian leader said, underlining the deal’s economic and strategic weight.
Economists caution that if implemented, the proposed 155% tariffs could roil international markets, strain supply chains, and further intensify the US–China trade rivalry.
Analysts also note that Trump’s dual message—tough on tariffs yet open to negotiation—reflects his broader election-year strategy of economic nationalism paired with deal-making diplomacy.
