Trump Tariffs on China : Donald Trump has followed through on his warning of “additional 50 percent tariffs” on China, which will take effect on Wednesday. The White House claimed that this will increase America’s new tax on China by an extraordinary 104%.
President Trump gave China 24 hours to reverse or “withdraw” the retaliatory 34% tax it slapped on US imports, failing which Chinese goods will face 104% penalties. Beijing dared Washington to do it earlier today. Within hours, Donald Trump had given his approval.
Journey from 10 to 104 in less than a week.
Until last month, the US tariffed China at 10%, which President Trump said “robbed and ripped off” the US economy of billions of dollars, while “tariff abuser” Beijing placed a much higher tariff on US exports. Last week, the US President unveiled his “reciprocal tariff” policy, in which the US would charge other countries nearly half of the tariffs that they paid the US. For China, this was an additional 34%, bringing Beijing’s total to 44%.
Minutes after President Trump announced reciprocal tariffs on April 2, the White House informed reporters that owing to a “national emergency” caused by security concerns over ongoing trade deficits, the United States is imposing a “baseline” 10% tariff on all countries. China’s tariff basket presently stands at 54%.
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With today’s “additional 50% tariff” imposed solely on China, Beijing now faces a historic levy of 104% – an almost 100 percent increase in less than one week. President Trump, however, left the door open for Beijing to reconcile. In a post on his social media network Truth Social, he stated, “China also wants to negotiate a deal, but they don’t know how to start. “We’re waiting for their call.”
Trump Tariffs on China : CHINA States “WILL FIGHT TO THE END”
Earlier Tuesday, China reacted to President Trump’s demand that Beijing “withdraw” its retaliatory move. They dubbed it “blackmail”.
“The US warning to escalate tariffs against China is an error on top of a mistake, which once again exposes the US’s blackmailing the environment,” China’s commerce ministry said in a press release, adding that “If the US insists on having its way, China will fight until the end.”
The globe is facing an uncertain future as the world’s two largest economies engage in a no-holds-barred trade war. Neither side is eager to blink, as world markets have already witnessed their steepest drop since the COVID-19 pandemic.
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