Washington DC [US], April 10 (HBTV): Amid the ongoing tariff war between the United States and China that has been unsettling global markets, US President Donald Trump on Wednesday (local time) announced an immediate increase in tariffs on Chinese goods to 125 per cent.
The decision follows a retaliatory move by China, which increased its tariff on US goods from 34 per cent to 84 per cent starting April 10.
In a parallel announcement, Trump stated that 75 countries currently engaged in trade negotiations with the United States, including India, will receive a 90-day ‘pause’ and a significantly reduced reciprocal tariff.
‘Based on the lack of respect that China has shown to the World's Markets, I am hereby raising the Tariff charged to China by the United States of America to 125 per cent, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,’ Trump said in a post on Truth Social.
He added: ‘Conversely, and based on the fact that more than 75 countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to trade, trade barriers, tariffs, currency manipulation, and non-monetary tariffs, and that these countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90-day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10 per cent, also effective immediately.’
Earlier in the day, China announced that it would increase its tariff on US goods from 34 per cent to 84 per cent starting April 10, according to Al Jazeera.
The escalation comes after the US raised its tariffs on Chinese imports to 104 per cent, following Trump’s warning of ‘additional 50 per cent tariffs’ on Beijing starting Wednesday.
Trump had earlier announced the additional 50 per cent tariff after Beijing imposed the 34 per cent tariff in a tit-for-tat move.
(ANI)