President Trump on Monday issued a new ultimatum to China: Rescind its retaliatory tariffs, or face a 104 percent tax on its exports to the United States starting later this week.

       The president’s threat risked another major escalation in what has already become a costly and damaging global trade war, one that has roiled financial markets as countries around the world scramble to calibrate a response to Washington.

       After Mr. Trump announced last week that he would impose a new 34 percent tariff on China, Beijing responded in force, threatening to impose a 34 percent tax on U.S. imports.

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