Donald Trump threatens new 50% tariffs on China
As the world’s markets dropped for a second time, Donald Trump has threatened China with an extra 50 % tax on imported goods into the US if it doesn’t renounce a failsafe.
The US senator stated at the White House on Monday that he was not thinking about putting a fresh tariff pause in order to engage in conversations with other nations.
” We’re not examining that,” we said. There are going to be good offers, he said, and we have many, many countries signing deals with us.
If Beijing didn’t back down with its counter-tariff intentions by Tuesday, Trump threatened to impose 50 % duties on Chinese products. US businesses that import sure goods from China may be subject to a 104 % tax if it is implemented.
In a post on his social media platform, Truth Social, Trump said he would introduce the extra tariff unless China withdrew its own 34% counter-tariff on American goods, which it announced on Friday.
Trump announced last Wednesday that as part of his” Liberation Day,” which required a minimum 10 % levy on nearly all of America’s trading partners, he would impose a 34 % tax on Chinese imports.
US businesses would then be required to pay a total rate of 104 % on Chinese imports if he does that, which comes on top of the 20 % tariffs that were already in place in March and the 34 % that was announced last week.
Trump claimed that China had taken its countermeasure “despite my caution that any nation that reacts against the United States may soon be subject to new, significantly higher tariffs.”
Beijing responded with a retort, claiming that “pressuring or threatening China is not a correct way to engage.”
According to Liu Pengyu, a representative for the Chinese Embassy,” The U.S. dominant move in the name of equality puts America first before international laws and serves its selfish interests at the expense of other nations ‘ legitimate pursuits.”
This is a typical example of unilateralism, isolationism, and economical bullying.
The US senator said there could be negotiations and everlasting taxes while speaking from the White House.
He continued,” We have$ 36 trillion debt for a reason,” adding that the US would be talking to China and other nations to reach a” fair deal and a good deal.”
The US senator declared,” America presently comes first.”
Fears of a global industry war have grown as a result of the US and China’s increasing pressure. The tariffs would be a significant blow to China’s producers, for whom the US is a key export business.
Uncertainty around the tariffs led to a turbulent day on global stock markets.
Since Trump’s new levies on imports from almost all of the world’s markets, markets have fallen worldwide.
While Europe’s biggest markets, including London’s FTSE 100, all closed more than 4 % down, the value of US stock markets dropped sharply once more on entry.
Asian share stocks have fallen sharply, with the Hang Seng index in Hong Kong experiencing its biggest one-day decline since 1997, down by more than 13 %.
The effects have been extensive on the FTSE 100, S&, P 500, Germany’s Dax, and Japan’s Nikkei.
Trump’s post even stated that discussions regarding price levels may “begin taking place soon.”
Trump and Netanyahu, the prime minister of Israel, met at the White House on Monday. Netanyahu claimed that his nation would end the US-US deal imbalance, which he described as the “right thing to do.”
” We’re going to remove business restrictions as well as do it very immediately.”
According to Trump’s” Liberation Day” strategy, Israel will be subject to a 17 % tax starting April 9.
The US president also posted earlier that Japan was sending a negotiation team to discuss tariffs.
Trump was also offered a “zero-for-zero price” deal by European Commission president Ursula von der Leyen, despite her earlier claim that she had not ruled out retribution.
We are even prepared to take measures and protect our interests, she said.
Trump eventually claimed that the EU was created” to actually harm the United States and trade.”
