Donald Trump : On Wednesday, a day after imposing a broad 104% tariff on all Chinese goods, which went into force at midnight on Tuesday, US President Donald Trump raised the tariff to 125%. Trump took to social media to announce that, due to China’s lack of respect for global markets, he has raised the tariff levied to China by the United States of America to 125%, starting immediately.
This is what Donald Trump stated.
“Based on China’s lack of respect for worldwide markets, I am hereby increasing the tariff charged to China by the United States of America to 125%, effective immediately.” At some time, hopefully in the near future, China will recognize that ripping off the United States and other nations is no longer sustainable or acceptable.
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In contrast, and based on the fact that more than 75 countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to trade, trade barriers, tariffs, currency manipulation, and non-monetary tariffs, and that these countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90-day “Thank you for your attention to this matter,” Trump said on Truth Social.
However, faced with a global market disaster, President Trump quickly reversed his tariffs on most countries for 90 days. It appeared to be an attempt to reduce what had been an extraordinary trade war between the US and the rest of the world to one between the US and China.
China raised tariffs on US imports to 84%.
In retaliation, China said earlier today that it will raise its tariffs on US imports from 34% to 84% beginning April 10, according to Al Jazeera. The move comes after the United States raised tariffs on China to a whopping 104%, after US President Donald Trump’s warning of “additional 50 percent tariffs” on Beijing beginning Wednesday.
Trump announced an additional 50% tariff on China after Beijing responded with a 34% tariff on the US.
Trump had stated that if China did not retract its 34% rise within 24 hours, the United States would slap more tariffs and cease all negotiations with China on their desired meetings.
China’s 50-point tariff increase reflects the United States’ additional 50% duty. Beijing announced the duties after the White House said on Tuesday (local time) that it will impose a 104% duty on China beginning Wednesday, marking a substantial escalation in the tariff tensions that have rocked markets.
The EU imposed tariffs of USD 23 billion on US goods.
European Union member states voted on Wednesday to impose retaliatory tariffs on USD 23 billion in US imports in reaction to President Trump’s 25% tariffs on imported steel and aluminum, which the US’s largest trading partner called as “unjustified and damaging.”
Tariffs will be implemented in stages, with some taking effect on April 15, others on May 15 and December 1. The EU executive commission did not immediately give an inventory of the goods. Members of the 27-country bloc reiterated their preference for a negotiated agreement to resolve trade disputes.
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