Trump burdens China with 104 percent tariffs
(MENAFN) The United States has raised tariffs on all Chinese imports to an eye-popping 104%, further intensifying the ongoing trade conflict and causing a $1.5 trillion loss in U.S. stock markets on Tuesday. Originally, China was expected to face a 34% tariff increase, effective Wednesday, as part of President Donald Trump's strategy to apply "reciprocal" measures on all U.S. trade partners. However, after Beijing retaliated with its own 34% tariff, Trump decided to escalate the tariff to 104%.
At a dinner in Washington, Trump explained that the tariff increase was a response to China's actions, calling the country "proud" and accusing them of imposing unjustified tariffs. He emphasized that the increased tariffs would remain in place until a trade deal was reached, asserting that "China will now pay a big number to our Treasury."
Trump also pointed out that the U.S. was already generating $2 billion a day from the tariffs, asserting that the strategy was essential to combat trade "abuses" and promote U.S. manufacturing. He criticized China's past tariffs on U.S. goods, claiming they had charged up to 125% tariffs.
In response, China condemned the escalating trade war, calling it "blackmail" and "economic bullying," and vowed to "fight till the end" if the U.S. continued on this path. The tariff increase caused a sharp downturn in U.S. and global stock markets, as major indices like the S&P 500, Dow Jones, and Nasdaq experienced significant losses.
Despite the market fallout, Trump defended his actions, claiming that “sometimes you have to mix it up a little bit” to address what he sees as unfair trade practices.
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