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President Donald Trump on Monday threatened to slap an additional 50 percent tax on Chinese imports after the Chinese government rehearsed against its latest, unspoken set of rates by announcing a reciprocal 34 percent charge last week.
The move would make the effective import tax rate on Chinese goods a huge 104 percent by adding the 50 percent levy above the 34 percent tax it announced last week and the 20 percent import tax rate that was in place until recently.
Trump made the announcement in a post on his social website, and wrote that Beijing ignored his vow to retaliate against any country that did not accept his decision to unilaterally accept tax imports based on a made -up formula that his advisers said he treated any trade deficit as concrete proof of unfair trading practices.
“Yesterday, China issued retaliation rates of 34%, on top of their already record setting tariffs, non-monetary rates, illegal subsidization of companies and massive long-term currency manipulation, despite my warning that any country raised against the US by additional rates, above and beyond their already existing long term, will be immediately with new and new and new and substitutions. Substantially, with the new and substation being disabled, will be with new and substiments, with new and substiments, with new and substiments, with new and substiments, with the new and substation, with the new and substiments, will be met with new and substiments, ”he wrote.
Trump added that he would therefore impose extra tariffs on China of 50%, effectively April 9 “if China did not withdraw its 34% increase above their long -term trade tomorrow” and announced that “all talks with China will be terminated on their requested meetings”, while negotiations with other countries will continue.
A spokesman for the Chinese Embassy in Washington did not immediately respond to a request for comment from comments The independent.
The president’s latest threats come as stock markets tumbled for the third consecutive trading day after what Trump called ‘Liberation Day’-his announcement of a wide import duty as part of what he described as an attempt to undo decades of globalization and recycle a US economy that is increasingly dominated by services and knowledge-based work.
The massive sale had a short time at about 10:30 on Monday after the influential of the CNBC and social media influences falsely reported that Kevin Hassett, director of the National Economic Council, said Trump is considering a 90-day break for all other countries other than China.
White House press secretary Karoline Leavitt immediately shot the reports as “fake news”, and the markets continued to decline after her denial of any consideration of a break on the import tax, which will be regularly argued by foreign governments, rather than by importers they pass on consumers in the form of higher prices.
It seems the rumors stem from an interview Hassett gave on Fox News, during which he was asked if the administration would consider a 90 -day break as proposed by billionaire Bill Ackman.
“I think the president will decide what the president will decide,” Hassett replied.
“I would, especially Bill, request to relieve the rhetoric a little,” he added.
The Achtbaan on Monday comes after the stock market closed with a massacre on Friday when the Dow Jones lost 2.231 points and the S&P 500 fell by 6 percent. As a result, last week it was the worst week for the stock market since 2020, and only the fourth time in history that the Dow lost in 2000 points on a single day.
JPMorgan chief economist Bruce Kasman said on Friday that the investment bank is now seeing a 60 percent chance that the global economy will enter a recession in 2025, of 40 percent. The last time the increase in the chance was that Groot was in 1968 – and this was followed by a recession, JPMorgan economists noted.
Despite these losses, Trump praised his own tariff plan on Monday morning.
“Oil prices are lower, interest rates are lower (the slow moving fed must lower rates!), Food prices are lower, there is no inflation, and the long time abuse the US brings billions of dollars a week from abusive countries on rates already in place,” he wrote on Truth Social.
“The United States has a chance to do something that should have been decades ago,” he wrote in a later post. “Don’t be weak! Don’t be stupid! Don’t be a panican (a new party based on weak and stupid people!). Be strong, brave and patient, and greatness will be the result! ‘
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