ISTANBUL: Escalating tensions in the ongoing global trade war, United States (US) President Donald Trump on Monday threatened to impose an additional 50 per cent tariff on China, on top of the 34 oper cent reciprocal tariffs announced last week.
“Yesterday, China issued retaliatory tariffs of 34 per cent t, 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 per cent tariff hike by 8 April, he will implement the additional 50 per cent tariffs, Anadolu Ajansi (AA) reported.
The higher tariff rate will come into effect on Wednesday, 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 per cent to 50 per cent.
China was subjected to a 34 per cent tariff.
In response, Beijing imposed a 34 per cent additional tariff on all US imports — a move widely seen as a tit-for-tat retaliation. – BERNAMA-ANADOLU
