Donald Trump has reacted to China’s recent decision to implement severe tariffs on American goods.
Today, China declared that it would be instituting an 84 percent tariff on all goods imported from the US. This decision follows Trump’s earlier move to impose 104 percent tariffs on Chinese imports.
In response to China’s tariff increase, Trump has decided to escalate the situation further by raising tariffs on Chinese goods once again, marking another chapter in the ongoing trade conflict between the two nations.
Using his social media platform, Truth Social, the President of the United States wrote: “Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately.
“At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.”
He also mentioned a temporary halt on tariffs for other countries, provided that they do not engage in similar retaliatory measures as China.
In his post, Trump continued: “Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.”
Amidst this tariff conflict, business leaders are cautioning of a potential economic downturn due to these policies, as several major US trading partners are retaliating with their own import taxes, causing instability in the stock market.
Before Trump’s latest declaration, the initial tariffs became effective just after midnight in the US, which included the 104 percent levy on Chinese goods, along with 20 percent on the European Union, 24 percent on Japan, and 25 percent on South Korea.
While China has imposed an 84 percent tariff on US products, POLITICO reported earlier today that the EU is ‘considering slapping tariffs of up to 25 percent on a broad range of exports from the US worth around €22.1 billion’.