Criticising the US decision, which brought the total US tariffs against the country to 54 per cent, as “inconsistent with international trade rules”, China on April 4 said it will impose additional tariffs of 34 per cent on all goods imported from the United States from April 10 as a countermeasure to imposition of 34-per cent additional reciprocal levies on the former by the US.
In his post today, President Trump accused China of long-standing trade abuses, including non-monetary tariffs, illegal subsidisation, and currency manipulation. He said the 34 per cent retaliatory tariffs were levied by China “despite my warning” that any such move would be met with “substantially higher tariffs” in return.
“If China does not withdraw its 34 per cent increase above their already long-term trading abuses by tomorrow, the United States will impose additional tariffs on China of 50 per cent, effective 9 April,” Trump wrote in his post.
Trump further announced the cancellation of all planned talks with Chinese officials should Beijing fail to comply, adding that negotiations would immediately begin with other countries that have requested meetings.
This development marks a significant deterioration in trade relations between the two economic giants and raises concerns about further disruptions to global commerce.
ALCHEMPro News Desk (RKS)
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