Donald Trump threatens new 50% tariffs on China | EUROtoday

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 platformTruth Social, the US president mentioned he’ll introduce the additional tariff until China withdraws its personal 34% counter-tariff on American items, which it introduced on Friday.

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

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

In his submit on Truth Social, Trump mentioned China had launched its countermeasure “despite my warning that any country that Retaliates against the U.S. by issuing additional Tariffs… will be immediately met with new and substantially higher Tariffs”.

The escalating stress between the US and China has elevated fears of a worldwide commerce battle. 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 world inventory markets.

European markets closed decrease after Asian share indexes nosedived, with Hong Kong’s Hang 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 begin taking place immediately”.

Trump is because of meet Israel’s chief, Benjamin Netanyahu, later at the moment. Tariffs are considered among the many topics the 2 will talk about.

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

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

“We are also prepared to respond through countermeasures and defend our interests,” she mentioned.