Trump Scales up Trade War with China with 50% more Tariff Threat
US and Chinese Presidents Donald Trump and Xi Jinping (Image credit X.com)
Trump Threatens Additional 50% Tariffs on China
By TRH News Desk
New Delhi, April 7: US President Donald Trump threatened to slap additional 50% tariffs on China, effective from April 9. Trump warned China to withdraw retaliatory 34% tariffs imposed on the US.
“Yesterday, China issued Retaliatory Tariffs of 34%, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidization of companies, and massive long term Currency Manipulation,’ said Trump in a post on his social media platform ‘Truth Social’.
The US President stated that China ignored his warning “that any country that Retaliates against the U.S. by issuing additional Tariffs, above and beyond their already existing long term Tariff abuse of our Nation, will be immediately met with new and substantially higher Tariffs, over and above those initially set”.
He stated that “therefore, if China does not withdraw its 34% increase above their already long-term trading abuses by tomorrow, April 8th, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th”.
The US President also asserted that “additionally, all talks with China concerning their requested meetings with us will be terminated”. “Negotiations with other countries, which have also requested meetings, will begin taking place immediately,” added Trump.
China along with Canada and the European Union have retaliated with counter tariffs on the US. China matched US tariffs, first 20 per cent and then 34 per cent.
China faces a combined 54 per cent tariffs from the US. China has also squared off with 54 per cent tariffs on the US. If trump imposes additional 50 per cent tariffs on the US, it may be a full-scale trade war between the two largest economies of the world.
The US has also slapped higher tariffs on East Asian nations such as Cambodia, Laos, Thailand, Indonesia, and others where the Chinese companies had set up their bases to access the US market. Trump in his first term had started the trade war with China by imposing tariffs in 2017. Amid deepening trade war with the US, Hong Kong-based Hang Sang crashed over 12 per cent on Monday.
The US had last week also put senior Hong Kong officials on sanctions for alleged human rights violations. The US-China trade war also threatens to disrupt the global supply chains. China also has retaliated by banning critical minerals used in defence and electric vehicles industries.
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