Amid the ongoing tariff war between the US and China that had been rattling the global markets, US President Donald Trump on Wednesday (local time) announced an immediate increase in tariffs on China to 125 per cent.
The move by the US President came following a retaliatory move by China, where it increased its tariff on US goods from 34 per cent to 84 per cent starting April 10.
In a simultaneous move, Trump announced that for 75 countries which have called Representatives of the United States for trade talks, he has authorised a 90-day “pause” and a substantially lower reciprocal tariff.
The countries having trade talks with the United States include India.
“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,” Trump said on social media platform Truth Social.
“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. Thank you for your attention to this matter!” he added.
Earlier today, in a retaliatory move, China announced that it would increase its tariff on US goods from 34 per cent to 84 per cent starting April 10, as reported by Al Jazeera.
The decision comes after the US increased tariffs on China to a whopping 104 per cent, following President Trump’s threat of “additional 50 per cent tariffs” on Beijing starting Wednesday.
Trump had announced an additional 50 per cent tariff on China after Beijing announced a 34 per cent tariff on the United States in a tit-for-tat response.
(This news report is published from a syndicated feed. Except for the headline, the content has not been written or edited by OpIndia staff)
