U.S. President Donald Trump has threatened China with an additional 50% tariff on goods imported into the U.S. if it does not withdraw its 34% counter-tariff, as global markets continue to decline.
This follows Trump’s decision on 2 April to impose a 34% tax on Chinese imports as part of his “Liberation Day” initiative, which set a minimum 10% levy on nearly all of America’s trading partners.
In a social media post on 7 April, Trump announced that he would impose extra 50% duty on U.S. imports from China on 9 April if China does not remove the 34% tariffs it imposed on U.S. products. As a result, the total tariff would reach 104%, as the new 50% duty would be added on top of the existing tariff.
The U.S. threat to escalate tariffs on China is a mistake on top of a mistake and once again exposes the blackmailing nature of the U.S. China will never accept this. If the U.S. insists on its own way, China will fight to the end.
…China’s Commerce Ministry said in a statement.
To remind, Trump’s 34% tariffs on China were on top of the 20% duties rolled out since February, bringing the total new tariffs this year on China to 54%.
On 4 April, China’s Finance Ministry announced 34% in additional tariffs on all goods imported from the U.S., starting 10 April in retaliation.
Moreover, China has also placed export controls since 4 April on some medium and heavy rare earths including dysprosium, gadolinium, lutetium, samarium, scandium, terbium and yttrium, which are crucial for various industries including defence and technology.
