In an escalating trade standoff, Trump threatens additional tariffs on China while claiming new deals with multiple countries are on the horizon.
**Trump's Ultimatum: New 50% Tariffs on China Looped into Global Trade Fracas**
**Trump's Ultimatum: New 50% Tariffs on China Looped into Global Trade Fracas**
As global markets reel, Trump warns China of steep tariffs unless countermeasures are retracted.
Following a tumultuous third day of declines in global markets, President Trump made a bold declaration at the White House, threatening China with a hefty 50% tariff on goods imported into the United States unless Beijing retracts its own counter-tariffs by the following day. Highlighting his firm stance on international trade, Trump dismisses any plans for a pause on new tariffs, emphasizing that negotiations with a multitude of countries are underway.
The US president's comments were further amplified through a post on his Truth Social platform, where he outlined the conditions for the new tariffs, contingent on China withdrawing its recently announced 34% counter-tariff on American goods. Last week, Trump had already set the stage for the tariff clash when he introduced a 34% tax on Chinese imports as part of his "Liberation Day," which also set minimum tariffs of 10% on various trading partners.
If enforced, the combined tariff rates would push the total tariff burden on Chinese imports to an eye-watering 104%, stacking onto the existing 20% tariffs imposed earlier this March. During his announcement, Trump reiterated his commitment to "America first," indicating that he believes robust negotiations would yield better trade results.
As the tension builds between the US and China, fears of a wider global trade conflict loom large. The potential tariffs pose a serious threat to China's economy, with the United States acting as a primary market for Chinese exports. Consequently, the uncertainty surrounding these tariffs has contributed to significant fluctuations in stock markets globally. The day saw the opening plunge of US markets, while Europe's top stock exchanges registered declines exceeding 4%. Meanwhile, significant drops were noted in Asian markets, with Hong Kong's Hang Seng experiencing its worst day since 1997.
In parallel to the tariff controversy, the president also hinted at ongoing negotiation efforts. Trump mentioned an imminent meeting with Israel's leader, Benjamin Netanyahu, where tariffs would likely be on the agenda. Reports indicate Japan is dispatching a negotiation team to address tariff issues. Additionally, Ursula von der Leyen, president of the European Commission, proposed a "zero-for-zero tariff" deal to Trump, although she did not rule out retaliatory measures.
The unfolding situation continues to generate both economic anxiety and political discussions, as stakeholders around the world closely watch the ramifications of Trump's proposed tariffs and engage in trade negotiations.
The US president's comments were further amplified through a post on his Truth Social platform, where he outlined the conditions for the new tariffs, contingent on China withdrawing its recently announced 34% counter-tariff on American goods. Last week, Trump had already set the stage for the tariff clash when he introduced a 34% tax on Chinese imports as part of his "Liberation Day," which also set minimum tariffs of 10% on various trading partners.
If enforced, the combined tariff rates would push the total tariff burden on Chinese imports to an eye-watering 104%, stacking onto the existing 20% tariffs imposed earlier this March. During his announcement, Trump reiterated his commitment to "America first," indicating that he believes robust negotiations would yield better trade results.
As the tension builds between the US and China, fears of a wider global trade conflict loom large. The potential tariffs pose a serious threat to China's economy, with the United States acting as a primary market for Chinese exports. Consequently, the uncertainty surrounding these tariffs has contributed to significant fluctuations in stock markets globally. The day saw the opening plunge of US markets, while Europe's top stock exchanges registered declines exceeding 4%. Meanwhile, significant drops were noted in Asian markets, with Hong Kong's Hang Seng experiencing its worst day since 1997.
In parallel to the tariff controversy, the president also hinted at ongoing negotiation efforts. Trump mentioned an imminent meeting with Israel's leader, Benjamin Netanyahu, where tariffs would likely be on the agenda. Reports indicate Japan is dispatching a negotiation team to address tariff issues. Additionally, Ursula von der Leyen, president of the European Commission, proposed a "zero-for-zero tariff" deal to Trump, although she did not rule out retaliatory measures.
The unfolding situation continues to generate both economic anxiety and political discussions, as stakeholders around the world closely watch the ramifications of Trump's proposed tariffs and engage in trade negotiations.
