President Trump declared on Monday the US will not be losing to China “anymore,” a day after he said he would raise tariffs on the country in a move that sent the stock market plunging over fears of an all-out trade war.

​”The United States has been losing, for many years, 600 to 800 Billion Dollars a year on Trade. With China we lose 500 Billion Dollars. Sorry, we’re not going to be doing that anymore!​,” the president wrote on Monday.

​Chinese Foreign Ministry spokesman Geng Shuang said Beijing is “trying to get more information” about Trump’s intent to increase tariffs by 25 percent on Chinese imports, the Associated Press reported.
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​Following Trump’s tariffs threat​ Sunday​, the markets reacted negatively to reports that Chinese envoys might pull out of talks scheduled for Wednesday in Washington.

Geng said “a Chinese team is preparing to travel to the United States for trade talks” but would not provide further details, including whether Vice Premier Liu He, the chief negotiator, would attend.

​”​We hope the United States will join efforts with China and we can meet each other halfway so we make a mutually beneficial agreement on the basis of win-win and mutual respect,” Geng said.

The Dow opened down 450 points Monday.

The S&P 500 was down 1.5 percent and the Nasdaq dropped 2.2 percent.

In his Sunday tweet, Trump promised to raise import taxes on $200 billion worth of Chinese goods to 25 percent from 10 percent this Friday.

He also proposed putting levies on another $325 billion worth of Chinese goods.

The US already placed 25 percent tariffs on $50 billion worth of Chinese imports, and Beijing retaliated by putting penalties on $110 billion worth of US products.

The US and China have been engaged in a tit-for-tat tariff war ​since March 2018, when the Trump administration accused China of plundering US intellectual property.

Trump imposed the 10 percent tariffs on Chinese goods in September and an increase set for January was postponed to allow negotiations to continue.

With Post wires