Donald Trump threatens, Monday, to increase tariffs for China by another 50% if Beijing does not drop the retaliatory taxes on imports from the US by tomorrow. In a post on Truth Social, Trump has given China until Tuesday to cancel its 34% tariffs, imposed in response to the “reciprocal” taxes revealed last week at the White House.
Trump also wrote that he will cancel all planned talks with China if they do not comply with his demand.
China’s action came “despite my warning” that any country that retaliates against the new American tariffs “will immediately receive higher and substantially higher tariffs, higher than initially set,” Trump wrote.
“In addition, all discussions with China regarding requested meetings will be terminated! Negotiations with other countries, which have also requested meetings, will begin immediately. Thank you for your attention to this matter!”
On “Liberation Day” last week, Donald Trump announced tariffs of 34% for products and services imported from China. Additional tariffs of 50% would mean a total of 84% for the country led by Xi Jinping.
Within 48 hours of Trump’s announcement of tariffs, the world’s second largest economy quickly retaliated with its own punitive measures against goods and companies from the US.
And then sent a clear message, CNN reports: China is well prepared to face a trade war – and come out stronger on the other side.
“American tariffs will have an impact (on China), but “the sky will not fall,” a commentary from the Chinese Communist Party’s government daily said on Sunday.
“Since the US initiated the (first) trade war in 2017 – no matter how the US fights or pressures – we have continued to develop and progress, showing resilience – “the more pressure we have, the stronger we become,” the commentary said, also appearing on the front page of Monday’s edition of the newspaper.