Washington DC, US: US President Donald Trump on Monday (local time) issued a stern warning to China on the possibility of imposing a steep tariff of up to 155 per cent starting November 1 if a trade deal is not reached between the two countries.

Speaking at the White House during a high-level meeting with Australian Prime Minister Anthony Albanese, Trump, despite the trade tensions between the two nations, stated that Beijing has been "very respectful" of Washington and that they are paying "tremendous amounts of money" on the backs of the 55 per cent tariffs levied on their goods to the US.

"I think China's been very respectful of us. They are paying tremendous amounts of money to us in the form of tariffs. As you know, they are paying 55 per cent; that's a lot of money," Trump said.

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