Trump threatens extra 50% China tariff if no pullback, ends talks
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The news: President Donald Trump threatened to impose additional tariffs on China of 50% unless Beijing withdraws its 34% retaliatory tariff immediately.
The numbers: In a Truth Social post on Monday (Tuesday AEST) Trump said if Beijing doesn’t withdraw its retaliatory tariff by 8 April, the 50% tariff would come on top of the "reciprocal" 34% duty, with both set to become effective Wednesday, 9 April.
What they said: Trump’s tariff threats came after China imposed retaliatory tariffs over the weekend. He called China “the biggest abuser” on trade and said past US leaders allowed the situation.
He dismissed reports of a tariff pause as “fake news” and said falling oil prices were a policy win.
He added that “all talks with China concerning their requested meetings with us will be terminated!” Trump said. “Negotiations with other countries, which have also requested meetings, will begin taking place immediately.
The context: Trump’s threatened extra tariffs come on top of a 20% import duty imposed on the world’s second largest economy tied to fentanyl trafficking.
Trump’s threat comes as global market turmoil continues. Global markets have plunged for three straight days since Trump’s tariffs were announced, with the Dow dropping as much as 4.4% on Monday and the S&P 500 nearing bear market territory.
Asian markets also tumbled, with indexes in Singapore, Australia, Japan, South Korea and India suffering heavy losses.
The source: Donald Trump's social media post
