In response to Donald Trump’s most recent contentious tariff threats, China is not backing down.
In an attempt to “Make America Wealthy Again,” the president announced a lengthy list of tariffs on its trading partners last week, which infuriated dozens of nations worldwide.
Up to 60 nations are preparing for higher tariffs starting on Wednesday (April 9), while the majority of the US’ trading partners faced a baseline levy of at least 10 percent over the weekend.
During his ‘Liberation Day’ speech, Trump named China and the European Union as the two countries that ‘rip us off’ the most, and he proposed reciprocal tariffs of 20 percent.
The statement was made at a time when the government had already raised duties on China by 20% earlier this year, totaling a 54% increase, ostensibly in retaliation for fentanyl trafficking.
Trump went one step farther and called China the “biggest abuser of them all” in terms of trade policies.
But as world financial markets crashed on Sunday, April 6, Beijing replied by slapping a 34 percent counter-tariff on US imports.
Trump responded by urging China to lift the duty by Tuesday, April 8, failing which it will be subject to an extra 50% tax.
