President Donald Trump is set to impose an additional 84% tax on all imports from China on Wednesday. All goods brought in from the Asian country will be subject to a tariff of at least 104%, CNN reports.
China was already scheduled to see a 34% increase in tariffs on Wednesday as part of Trump’s “reciprocal” tariff package. The Republican president has threatened to add an additional 50% if Beijing does not withdraw its 34% tariffs on American goods by Tuesday at noon.
“The US’s threat to escalate tariffs is a mistake upon a mistake, exposing the US’s ‘slanderous’ nature once again. China will never accept this. If the US insists on taking this path, China will fight to the end,” China’s Ministry of Commerce stated.
On “Liberation Day” last week, Donald Trump announced tariffs of 34% for products and services imported from China. Additional tariffs of 50% would bring the total to 84% for the country led by Xi Jinping.
China was America’s second largest source of imports last year, sending goods worth a total of $439 billion to the US, while the US exported goods worth $144 billion to China.
Dozens of other countries, as well as the European Union, also face a deadline to cancel their announced retaliatory measures. These rates, which Trump set last week, range from 11% to 50%.
White House press secretary Karoline Leavitt told reporters that despite multiple discussions with world leaders to negotiate lower tariff rates, Trump does not want to change the percentages. At the same time, she said Trump has instructed his trade team to secure “symmetrical” deals with countries willing to negotiate.