Donald Trump threatens new 50% tariffs on China

Donald Trump has threatened China with an additional tariff of fifty% on items imported into the US if it doesn’t withdraw a countermeasure it introduced on Friday.

In a submit on his social media platform, Fact Social, the US president stated he’ll introduce the additional tariff except China withdraws its personal 34% counter-tariff on American items, which it introduced on Friday.

Trump initially imposed a tax of 34% on Chinese language imports final Wednesday, as he introduced tariffs on dozens of US buying and selling companions.

If he does impose the extra 50%, US corporations pays a complete fee of 104% on Chinese language imports.

In his submit on Fact Social, Trump stated China had launched its countermeasure “regardless of my warning that any nation that Retaliates towards the U.S. by issuing further Tariffs… might be instantly met with new and considerably greater Tariffs”.

The escalating pressure between the US and China has elevated fears of a worldwide commerce warfare. The tariffs would come as a serious blow to China’s producers, for whom the US is a key marketplace for exports.

Uncertainty across the tariffs led to a turbulent day on international inventory markets.

European markets closed decrease after Asian share indexes nosedived, with Hong Kong’s Grasp Seng index falling by greater than 13%, its greatest one-day fall since 1997.

Trump’s submit additionally indicated that negotiations on nations’ tariff charges “will start going down instantly”.

Trump is because of meet Israel’s chief, Benjamin Netanyahu, later right now. Tariffs are regarded as among the many topics the 2 will talk about.

The US president additionally posted earlier that Japan was sending a negotiation workforce to debate tariffs.

And Ursula von der Leyen, the president of the European Fee, supplied Trump a “zero-for-zero tariff” deal – though she beforehand stated that she had not dominated out retaliation.

“We’re additionally ready to reply by means of countermeasures and defend our pursuits,” she stated.