On April 2, Trump announced what he has always called reciprocal tariffs for imports from dozens of countries. He said new taxes are needed to address the trade imbalance between the United States and other countries. China’s tariff rates are very high.
U.S. President Donald Trump said that if the latter does not withdraw its retaliatory 34% tariff on U.S. goods, the U.S. would import 50% tariffs from China.
“Any country that retaliates against additional tariffs other than the existing long-term tariff abuse in our country will immediately receive new and higher tariffs, exceeding the initially set tariffs,” the president said in a post about Truth Social Social (a platform owned by Trump).
“Long-term transaction abuse”
He added that if Beijing does not withdraw its 34% retaliatory tariffs before April 8, it will be in the hands of 50% additional tariffs starting April 9.
Trump’s “Liberation Day” tax
On April 2, Trump announced what he has always called reciprocal tariffs for imports from dozens of countries. He said new taxes are needed to address the trade imbalance between the United States and other countries. China’s tariffs were 34% higher, and Asian countries have since announced equal tariff rates on all U.S. products.
Stock markets are experiencing loss around the world
Trump’s tariff announcements have put stock markets in turmoil around the world as economists warn that a trade war could lead to an economic slowdown and could even trigger a recession.
