NEW YORK — President Donald Trump has threatened China with an additional 50
per cent tariff that would take the total levies to more than the value of
products while doubling down on the global reciprocal tariffs.
He wrote on Truth Social on Monday that “if China does not
withdraw its 34 per cent increase above their already long-term trading abuses
by tomorrow, April 8th, 2025, the US will impose ADDITIONAL Tariffs on China of
50 per cent, effective April 9th".
He also said that he would end any negotiations with Beijing
on tariffs.
Combined with other tariffs, the total tariffs would zoom to
104 per cent.
If neither side blinks in the US-China tariff standoff,
levies higher than the cost of the imported products could have a devasting
effect on US consumers who rely on China for many everyday things.
Trump was reacting to China’s announcement that it was
imposing 34 per cent tariffs on US imports, matching the reciprocal levy Trump
announced for that country last week.
Ruling out any pause in the reciprocal tariffs, Trump told
reporters, “We’re not looking at that”.
Speaking after a meeting with Israel’s Prime Minister
Benjamin Netanyahu, he said, “I don't mind going through it because I see a
beautiful picture at the end”.
Trump’s threats came as the US stock markets stopped their
vertiginous drops last week, with the NASDAQ eking out a 0.1 per cent on
Monday, while the broader S&P Index was down only 0.23 per cent.
For a while, there was a green blip when S&P was up
3.4 per cent on rumours that there would be a 90-day pause on the reciprocal
tariffs before the White House shot it down and it dropped.
Trump asserted, “We are making tremendous progress with a
lot of countries. And the countries that really took advantage of us are now
saying, ‘Please negotiate’”.
Trump said after a phone call with Japanese Prime Minister
Shigeru Ishiba that Tokyo was sending a delegation to negotiate.
Secretary of State Marco Rubio discussed in a call with
External Affairs Minister S Jaishankar the reciprocal tariffs on India and “how
to make progress toward a fair and balanced trade relationship”, the State
Department said.
European Union President Ursula von der Leyen offered the US
a “zero-for-zero" deal scrapping tariffs on industrial goods, including
cars if Trump would reciprocate.
“We're always ready for a good deal”, she posted on X.
But she warned, “We’re also prepared to respond with
countermeasures. And protect ourselves against indirect effects through trade
diversion”.
According to reports, the EU would impose its own reciprocal
tariffs in two stages, one next week and another in May.
Two Republican Senators, Mike Lee and Ron Johnson, urged
Trump in X posts to accept the deal.
Although no tariff concession for Israel was announced,
Netanyahu said that Israel would eliminate the US trade deficit with his
country and suggested that it would be a model for other countries.
