RT.com
08 Apr 2025, 01:28 GMT+10
The US president has demanded that Beijing rescind its retaliatory 34% levies on American imports
President Donald Trump has threatened to slap an additional 50% tariff on all Chinese imports, unless Beijing recalls its proposed retaliatory 34% levy hike in another escalation of the trade war that has wiped trillions of dollars from stock markets.
Last week, the US president rolled out sweeping tariffs ranging from 10% to 49% on imports from all countries. These included a further 34% duty on imports from China, on top of the existing 20% enacted in the months prior. Beijing has announced it will retaliate with a 34% levy hike on US goods by Thursday.
"If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9," Trump wrote on Truth Social on Monday. The US president also threatened to cancel all scheduled talks with China, and instead begin "negotiations with other countries."
Beijing has condemned the tariffs as a "typical move of unilateralism, protectionism and economic bullying."
"It will hurt the US itself as well as others," Chinese Foreign Ministry spokesperson Lin Jian said at a press conference on Monday. Washington's levies will hit developing countries especially hard, and will also disrupt global trade and logistics, he added.
China has lodged a complaint with the World Trade Organization in response to the US tariffs.
Additionally, the Chinese Commerce Ministry has imposed new restrictions aimed at American firms, as well as restrictions on the export of domestic rare-earth minerals. Currently, the US obtains some 70% of the rare-earths it imports from China.
READ MORE: Risk of US recession at 45% Goldman Sachs
The escalating trade war between the two superpowers has led to market turbulence and wiped out more than $10 trillion from global equity markets as of Monday, according to Bloomberg.
(RT.com)
Get a daily dose of Illinois Intelligencer news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Illinois Intelligencer.
More InformationWINDSOR, Ontario: Production at Stellantis' Windsor, Ontario assembly plant will pause for two weeks, as mounting trade tensions trigger...
The US president has demanded that Beijing rescind its retaliatory 34% levies on American imports President Donald Trump has threatened...
Washington, DC [US], April 7 (ANI): US President Donald Trump on Sunday warned of new and significantly higher tariffs on Chinese goods...
Audi is holding back vehicles that fall under the new tariffs, according to a report German carmaker Audi is halting deliveries of...
New Delhi [India], April 7 (ANI): External Affairs Minister S Jaishankar spoke with US Secretary Marco Rubio, exchanging views on a...
Brussels [Belgium], April 7 (ANI): European Union President Ursula von der Leyen on Monday said that the EU has offered the US zero-for-zero...
TALLAHASSEE, Florida: A famous old ocean liner, the SS United States, will soon become the world's biggest artificial reef off the...
MANILA, Philippines: A Philippine security official stated that acquiring F-16 fighter jets from the United States will not harm any...
WASHINGTON, D.C.: Amazon.com has announced that it will launch the first 27 satellites for its Project Kuiper internet network this...
NEW YORK, New York - UN Secretary-General Antonio Guterres has voiced profound concern over the escalating human toll in Gaza, as...
LONDON, U.K.: Daniel Kretinsky's path to owning Royal Mail is nearly complete, as his firm EP Group announced this week that all regulatory...
NEW YORK CITY, New York: Major League Baseball (MLB) players now earn an average of over US$5 million per year for the first time,...