Trump Threatens 50% Tariffs Against China Amid Ongoing Trade War
President Trump has threatened to impose a 50% tariff on China unless it removes its 34% tariffs. This action would increase total tariffs on China to 104%. The decision follows China’s retaliatory tariffs in response to U.S. tariffs. Global markets have shown negative reactions, reflecting concerns over escalating trade tensions.
On Monday, President Donald Trump intensified his trade conflict with China, threatening to impose additional tariffs of 50% on Chinese imports effective from April 9, unless China rescinds its 34% tariffs on U.S. goods. A White House official confirmed that this would raise the total tariff rate on imports from China to 104%.
President Trump declared that all negotiations with China regarding these tariffs would be “terminated.” This announcement follows China’s decision to apply a 34% tariff on U.S. goods in retaliation for the tariffs introduced by the United States on a range of countries.
The U.S. tariffs, initially set at a baseline rate of 10%, began on Saturday, while the reciprocal rates are set to take effect on April 9. The tariffs arise from President Trump’s assertion of a U.S. “national emergency” linked to economic security and trade deficits.
The global markets have reacted negatively to these developments, with numerous stock exchanges reporting significant declines since last Thursday, indicating investors’ concerns regarding the escalating trade tensions.
In summary, President Trump’s announcement of a potential 50% tariff on China, contingent on the removal of Chinese tariffs, marks a substantial escalation in the ongoing trade war. As China retaliates with its own tariffs, and global markets respond negatively, the situation remains fraught with uncertainty. The president’s termination of negotiations underscores the seriousness of this dispute, which has implications for international economic stability.
Original Source: www.scrippsnews.com
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