 "Trump slaps 104% tariff on China, effective midnight, confirms White House")
The White House on Tuesday confirmed that the US President Donald Trump has announced a sweeping 104% tariff on all goods imported from China effective midnight, as Washington doubles down on planned action after Beijing vowed a “fight to the end” on levies.
According to AFP, US President Donald Trump had vowed a further 50% tariff on goods from China if Beijing did not retract upcoming retaliation - and the White House confirmed that Trump will proceed with this action, taking the overall added duties this year to 104%.
Trump’s administration said the move is intended at “levelling the playing field” following the President’s recent accusations that various countries are “looting the US” through tariffs on American exports.
While Trump said on Tuesday that he is waiting to hear from China before duties of more than 100% take effect, other administration officials said they would not prioritise negotiations with the world’s No. 2 economic power, according to a Reuters report.
Global markets stabilised after days of turmoil triggered by Trump’s sweeping tariffs, which have raised recession fears and disrupted a decades-old trading order. US stocks posted gains following a severe selloff that has wiped out trillions of dollars since last week.
Trump has already implemented a 10% tariff on nearly all imports into the world’s largest consumer market, with targeted tariffs of up to 50% on many trading partners set to take effect on Wednesday.
In response, China has rejected what it calls “blackmail” and vowed to “fight to the end” after Trump threatened to escalate tariffs to 104% in retaliation for China’s decision to match his previously announced duties.
Trump indicated that a resolution might be possible.
“China also wants to make a deal, badly, but they don’t know how to get it started. We are waiting for their call. It will happen!” he said on social media.
Impact Shorts
More ShortsAdministration officials, however, said China would take a back seat to other countries in trade talks.
“Right now, we’ve received the instruction to prioritise our allies and our trading partners like Japan and Korea and others,” Reuters quoted White House economic adviser Kevin Hassett as saying on Fox News.
Trump’s administration has set up negotiations with those two export-dependent countries, which could be hammered by the thicket of country- and product-specific tariffs.
Dozens of other governments have reached out as well, and Vietnam and Indonesia have offered to cut tariffs on some US imports.
With inputs from agencies
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