Donald Trump has followed through on his threat of "additional 50 per cent tariffs" on China starting Wednesday. The White House announced that this will make America's new tariff on China an unprecedented 104 per cent.
President Trump had given China 24 hours to roll back or "withdraw" the retaliatory 34 per cent tariff it imposed on US goods, failing which Chinese goods would be punished with 104 per cent tariffs. Beijing dared Washington to do so earlier today. Within hours Donald Trump announced it.
The US used to tariff China at 10 per cent till last month, which President Trump said, "robbed" the US economy of billions and billions of dollars. Then the US President announced his "reciprocal tariff" move - wherein the US would charge other countries roughly half the tariff that nation charged the US. For China this was an additional 34 per cent, taking Beijing's tally to 44 per cent.
Minutes after President Trump's announcement, the White House said that the US would be charging the entire world an additional 10 per cent non-reciprocal tariff. This was a move to fill the US federal reserve, they said. China's basket of tariffs now stood at 54 per cent.
Now, with today's "additional 50 per cent tariff" solely for China, Beijing now faces an unprecedented levy of 104 per cent - a near 100 per cent rise in less than a week.
from NDTV News- Special https://ift.tt/ht5bCPr
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