Taking to social media, Donald Trump said that based on the lack of respect that China has shown to the world’s markets, he raised the tariff charged to China by the United States of America to 125%, effective immediately.
A day after imposing a sweeping 104% tariff on all Chinese goods, effective from midnight on Tuesday, US President Donald Trump on Wednesday hiked the tariff yet again to 125% on all Chinese goods. Taking to social media, Trump said that based on the lack of respect that China has shown to the World’s Markets, he raised the Tariff charged to China by the United States of America to 125%, effective immediately.
Here’s what Donald Trump said
“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable. Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!,” Trump said on Truth Social.
However, after facing a global market meltdown, President Trump abruptly backed down on his tariffs on most nations for 90 days. It seemed like an attempt to narrow what had been an unprecedented trade war between the US and most of the world to one between the US and China.
China increases tariff on US goods to 84%
In a retaliatory move, China earlier in the day announced it will increase its tariff on US goods from 34 per cent to 84 per cent starting April 10, Al Jazeera reported. The decision comes after the United States increased tariffs on China to a whopping 104 per cent, following US President Donald Trump’s threat of “additional 50 per cent tariffs” on Beijing starting Wednesday.
Trump had announced an additional 50 per cent tariff on China after Beijing announced 34 per cent tariff on the United States in tit-for-tat response.
Trump had said if China did not withdraw its 34 per cent increase in 24 hours, the United States would impose additional tariffs and all talks with China concerning their requested meetings will be terminated.
The 50-point rise in tariff by China mirrors the additional 50 per cent tariff introduced by the US. Beijing announced the tariffs after the White House on Tuesday (local time) announced the imposition of a 104 per cent tariff on China starting Wednesday, marking a significant escalation amid the tariff tension which have shaken the markets.
EU imposes tariffs of USD 23 billion on US goods
European Union member states voted on Wednesday to approve retaliatory tariffs on USD 23 billion on US goods in response to President Trump’s 25 per cent tariffs on imported steel and aluminum, as the largest US trading partner described them as “unjustified and damaging.”
The tariffs will go into effect in stages, with some on April 15 and others on May 15 and December 1. The EU executive commission didn’t immediately provide a list of the goods. Members of the 27-country bloc repeated their preference for a negotiated deal to settle trade issues.
