US President Donald Trump has issued a new ultimate to China and threatened to impose an additional 50% tariff if Beijing does not withdraw its latest retaliatory tariffs.
Trump warned in his true social account that if China maintains a 34% tariff hike on US goods, the US will impose new tariffs starting April 9. The proposed tariff hike could raise the total tariff rate to 104%, along with the currently effective 20% tariffs and the 34% recirocrocal tariffs Trump announced last week.
“Yesterday, China has already issued 34% retaliatory tariffs, along with record-breaking tariffs, non-financial barriers, illegal corporate subsidies and large-scale long-term currency manipulation,” Trump said. “If China does not withdraw the 34% increase it has imposed on top of its long-standing trade violations by tomorrow, April 8th, the US will impose an additional 50% on China on April 9th.”
In addition to the tariff threat, Trump provided a breakdown of the diplomatic dialogue by announcing that all consultations regarding the meeting they requested would be concluded. “The discussion will soon begin from other countries that have requested a meeting,” he added.
A senior White House official confirmed that the proposed 50% tariffs are added to the 34% “mutual” tariffs and the long-term 20% tariffs announced last week. When fully implemented, cumulative tariffs represent one of the toughest trade penalties ever imposed by the United States, officials said.
*This is not investment advice.
