KUALA LUMPUR — US President Donald Trump on Monday threatened to impose an additional 50% tariff on China, on top of the 34% reciprocal tariffs announced last week.
He demanded China reverse its tariff by tomorrow, April 8, or the US would impose the additional 50% the following day, when the administration’s reciprocal tariffs for around 60 countries Trump considers the “worst offenders”, goes into effect.
“If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8, 2025, the US will impose ADDITIONAL Tariffs on China of 50%, effective April 9,” the president wrote on Truth Social.
He said China had gone ahead with retaliatory tariffs despite his earlier warning that “any country retaliating against the US by issuing additional tariffs, beyond their existing long-term abuse of our nation, will be immediately met with new and substantially higher tariffs”.
China on Friday imposed the 34% in retaliation for Trump’s reciprocal tariff of the same figure announced on April 2. This 34%, however, is on top of an earlier 20% Trump had imposed over Beijing’s alleged role in the supply chain of the drug fentanyl.
Trump also said the US would not hold any talks with China in response to its request for meetings.
However, negotiations with other countries, which have also requested meetings, would be taking place immediately, he said.
The US’ reciprocal tariffs are individual rates imposed on different countries, and are on top of the baseline 10% tariff on all imports to the US, which Trump said would take effect on April 5.
Stock markets worldwide plunged into the red yesterday on the first day of the week’s trading amid fears of an escalating trade war.
China, in preparation, said its sovereign wealth fund Central Huijin Investment will increase holdings in China stocks to defend market stability. – April 8, 2025