U.S. President Trump raises Chinese tariffs from 10% to 104% in one month | World News
U.S. President Donald Trump has no intention of launching a trade war in major economies, including China. Despite China’s retaliation against U.S. tariffs, Trump imposed an additional 50% tariff on Beijing’s countermeasures.
The White House announced that the U.S. will now impose a record 104% tariff on goods imported from China. The development comes after President Trump’s 24-hour final atum issued by President Donald Trump, asking China to withdraw its recent retaliatory tariffs of 34% on U.S. products. President Trump responded by imposing high tariffs when Beijing refused to comply and challenged Washington to challenge.
Until last month, the United States imposed 10% tariffs on Chinese imports, which Trump claimed had caused huge financial losses to the U.S. economy. In response, he proposed a “reciprocal tariff” policy under which the United States would impose tariffs equivalent to half the rate foreign taxes on U.S. goods. Take China as an example, which means an additional 34%, raising the total U.S. tariffs on Chinese goods to 44%.
Shortly after Trump announced the news, the White House announced that all global imports also proposed an additional 10% non-rebirth tariff. Officials say this aims to strengthen the U.S. Federal Reserve. As a result, China’s total tariff burden on exports to the United States has now reached 54%.
Yesterday, the Chinese state media Global Times lashed out at Trump’s policies, saying that reciprocity tariffs violate international regulations. “In the form of reciprocity, the United States acts in a hegemonic manner, sacrifices the legitimate interests of other countries and places “America First” on international rules,” the Global Times said in the Global Times.
The report quoted Lin Jian, a spokesman for the Chinese Foreign Ministry, saying that tariff wars are a classic example of unilateralism, protectionism and economic bullying. Jane further pointed out that the Chinese government has made a harsh stance on opposing the U.S. abuse of tariffs, which is equivalent to countries that deprive it of its right to develop, especially in countries in the south of the world.
