US President Donald Trump on Monday issued a strong warning to China, saying that tariffs could soar to 155% unless Beijing agrees to a fair trade deal with Washington. The statement came during a meeting at the White House with Australian Prime Minister Anthony Albanese, where both leaders signed a key agreement on critical minerals.

Trump remarked that China has been “very respectful” toward the United States, noting that it currently pays substantial tariffs amounting to 55%. He added that these could increase significantly by November 1 unless an agreement is reached.

Highlighting progress with other trade partners, Trump said Washington has secured deals with nations that once “took advantage” of the US, asserting, “Not anymore.” He expressed optimism about negotiating a “very fair trade deal” with Chinese President Xi Jinping in the near future.

Previously, Trump had announced plans for 100% tariffs on Chinese goods and additional export restrictions on critical software, further escalating trade tensions. The US Treasury later confirmed upcoming bilateral talks in Malaysia, even as Trump had reportedly considered canceling his first in-person meeting with Xi since returning to office.