President of the United States Donald Trump intends on Wednesday, April 9, to impose huge levies of 104% on all goods imported from China.
The statement of the mentioned content on Tuesday, April 8, was made by White House Press Secretary Karoline Leavitt. It is worth noting that the new measures to tighten Washington’s trade policy towards Beijing are in addition to the existing tariffs on imports from the Asian country.
China was already ready for a new economic reality, in which Donald Trump imposed 34% levies as part of the so-called reciprocal measures. At the same time, the final configuration of the external trade environment turned out to be tougher for Beijing. Donald Trump has decided to impose an additional 50% tariff on all products imported from the Asian country. This action was a reaction to the fact that China did not back off its promise to impose 34% retaliatory tariffs on US goods by noon Tuesday, adding 84% in duties.
China’s Commerce Ministry said on Tuesday that it firmly opposed an additional 50% levies from the United States on products imported from the Asian country. The ministry also described Washington’s actions in the context of trade policy as a mistake upon a mistake. Moreover, a statement was made about the intention to strengthen retaliatory measures against US exports.
In the United States, stocks, which showed significant growth on Tuesday morning, were on a downward trajectory after Karoline Leavitt’s comments. The Dow, Nasdaq, and S&P 500 were all in negative territory.
Karoline Leavitt also stated that China wants to conclude the deal with the United States, but does not know how to do it. She did not specify what conditions Donald Trump perceives as acceptable for the mentioned deal to become a reality.
It is still unknown whether Washington and Beijing will be able to reach an agreement on the normalization of economic cooperation. Meanwhile, the global trade war as a fact of reality is becoming more and more obvious.
As we have reported earlier, China Demonstrates Readiness for Trade War.
