US-China tensions escalate over tariff hikes
Donald Trump has threatened China with an additional 50% tariff on goods imported into the US unless the Asian country withdraws its 34% counter-tariff
Within 48 hours of Trump’s announcement of reciprocal tariffs on countries around the world, China retaliated with its punitive measures on US goods and companies, including a 34% base tariff on all US imports, export controls on rare earth minerals, and trade restrictions on certain US companies.
“The US threat to escalate tariffs on China is a mistake on top of a mistake”, the Chinese Commerce Ministry said in a statement. “China will never accept it. If the US insists on its own way, China will fight to the end”.
On Monday, the US President threatened to escalate the trade war between the world’s two largest economies by imposing an additional 50% tariff on Chinese imports mid-week if Beijing doesn’t withdraw its retaliatory tariffs by Tuesday. He also warned that any meetings requested by China would be cancelled.
Meanwhile, the US president said he was not considering a pause on the global import tariffs to allow for negotiations with other countries. “We’re not looking at that. We have many, many countries that are coming to negotiate deals with us, and there are going to be fair deals”, he said.
Image Credits: cnbc.com
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