President Donald Trump escalated his trade war with China on Monday.

The president said he would impose additional tariffs on China of 50%, effective April 9, if China did not remove its 34% tariffs on U.S. imports.

A White House official confirmed to Scripps News that if this takes effect, it would bring the total tariff rate on China to 104%.

President Trump also said all requested talks with China concerning the tariffs would be "terminated."

China announced Friday it would impose a 34% tariff on U.S. goods in response to President Trump's "Liberation Day" announcement, where the president announced "retaliatory" tariffs on countries around the world.

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The Chinese rate matches the new U.S. 34% "reciprocal" tariff rate.

President Trump's baseline tariffs of 10% went into effect on Saturday, but the reciprocal rates are due to begin on April 9.

The tariffs are in response to what the president has called a U.S. "national emergency" arising from economic security concerns and trade deficits.

Global markets have not reacted kindly to the tariffs and subsequent threats. Various stock exchanges have reported significant losses since Thursday.

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