Ramping up already high stakes in global trade wars, US President Donald Trump on Monday threatened to impose additional 50% tariffs on China on top of the imposed 34% reciprocal tariffs announced last week.
“Yesterday, China issued Retaliatory Tariffs of 34%, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidization of companies, and massive long term Currency Manipulation, despite my warning that any country that Retaliates against the U.S. by issuing additional Tariffs, above and beyond their already existing long term Tariff abuse of our Nation, will be immediately met with new and substantially higher Tariffs, over and above those initially set,” he wrote on social media.
Trump said that if China does not cancel its 34% increase in tariffs by April 8, he would impose 50% additional tariffs on the country.
The additional tariff rate will take effect on Wednesday, the president said.
“Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately,” Trump added.
Last Wednesday, Trump announced the imposition of sweeping reciprocal tariffs on over 180 countries, ranging from 10% to 50%.
China was subjected to 34% tariffs.
China later imposed a 34% additional tariff on all imports from the US, a move seen as a tit-for-tat against Trump’s levy.