President Donald Trump issued a warning that he will slap China with a 50% hike in tariffs if the Chinese government doesn’t reverse its newly announced 34% retaliatory duty on U.S. goods by today.
“If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th,” Trump wrote in a post on Truth Social.
This comes after Trump’s announcement on April 2, when he raised tariffs on China by 34%, adding to the 20% duty he had already put in place earlier during his presidency as part of his broader trade war strategy.
If Trump follows through with this latest threat, Chinese imports would face a cumulative tariff rate of 104% compared to pre-Trump levels.
China fired back with its own move Friday morning, declaring a 34% retaliatory tariff that is scheduled to go into effect on April 10.
“Additionally, all talks with China concerning their requested meetings with us will be terminated!” Trump continued in his message. “Negotiations with other countries, which have also requested meetings, will begin taking place immediately. Thank you for your attention to this matter!”
Kevin Hassett, who heads the National Economic Council, noted that over 50 nations have approached the White House seeking discussions on the tariff issue. Meanwhile, Trump is expected to meet later today with Israeli Prime Minister Benjamin Netanyahu, shortly after enacting a 17% tariff on goods from Israel.
Trump also stated that he’s already held preliminary talks with leaders from Japan as well as other Asian and European countries about potentially renegotiating trade terms. Discussions are still underway, and he’s suggested that tariffs could eventually be reduced if economic conditions worsen.
Speaking earlier on Monday, Trump sought to calm market fears, urging Americans not to overreact. He advised people not to become “Panicans” and instead remain “patient” as the tariff situation unfolds — marking his first direct effort to address concerns from investors.
{Matzav.com}