ISTANBUL – Escalating tensions in the ongoing global trade war, United States (US) President Donald Trump on Monday threatened to impose an additional 50% tariff on China, on top of the 34% reciprocal tariffs announced last week.
“On Monday (April 8), China issued retaliatory tariffs of 34%, on top of their already record-setting tariffs, non-monetary barriers, illegal subsidisation of companies, and long-term currency manipulation — despite my warning that any country retaliating against the US by issuing additional tariffs, beyond their existing long-term abuse of our nation, will be immediately met with new and substantially higher tariffs,” Trump wrote on social media.
He warned that unless China reverses its 34% tariff hike by Tuesday (April 8), he will implement the additional 50% tariffs, Anadolu Ajansi (AA) reported.
The higher tariff rate will come into effect on Wednesday (April 9), he added.
“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,” Trump said.
Last Wednesday, the US president announced sweeping reciprocal tariffs on over 180 countries, ranging from 10% to 50%.
China was subjected to a 34% tariff.
In response, Beijing imposed a 34% additional tariff on all US imports — a move widely seen as a tit-for-tat retaliation. – Bernama
