US-China Trade War: Trump Raises Tariffs On China to 104%
In a sharp escalation of trade war between the United States and China, the world two largest economies, Donald Trump carried out his threat to inflict “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 additional tariffs. Beijing showed no signs of retreating and even dared Washington to do so.
Within hours of Chinese throwing the gauntlet, Donald Trump announced the drastic decision. The global markets are yet to recover from the shock and panic created by new US tariff regime.
According to a report by Fox Business, the White House move is expected to escalate the trade standoff between Washington and Beijing. The 104% rate includes existing tariffs and new duties under Section 301 of the Trade Act, according to officials familiar with the move.
The world faces an uncertain scenario with the two largest economies in the midst of a no-holds-barred trade war. Neither side is willing to blink as global markets have already experienced the biggest fall since the COVID-19 pandemic.
