US President Donald Trump on Tuesday took his threats of increased tariffs against China seriously and announced a tariff of 104 percent. A White House spokesman said this, Reuters reports. According to the media, the increased tariff rate will start from April 9.
The announcement comes after China's Ministry of Commerce stressed on Tuesday that it has no intention of giving up in the tariff war with the United States, but will fight the American tariffs "to the end". A spokesperson for the ministry said this according to the AFP news agency.
At the same time, the ministry stressed that there are "no winners in a trade war" and that it preferred to resolve the situation through dialogue. China chose last week - as a response to the increased American tariffs - to retaliate with an additional 34 percent tariff on all American goods from April 10. On Monday, US President Donald Trump said that he will impose an additional 50 percent tariffs on China.
The White House confirmed to AFP on Monday that the tariff rate against China would thus be raised to a total of 104 percent - unless China chose to withdraw its retaliatory tariffs against the United States. During a press conference at the White House on Tuesday, spokesperson Karoline Leavitt emphasized that China "is making a mistake" by choosing to impose a retaliatory tariff on the United States.
- President Trump has a backbone of steel, he will not break, says Leavitt.
These are the world's two largest economies that are locked in a tariff war. According to the BBC, China and the United States together account for 47 percent of global trade. The escalating trade war has sent shockwaves through stock markets around the world in the past week.
With higher tariffs, Donald Trump wants to force foreign companies to produce their goods in the United States and create American jobs. The intention of the tariff is that Americans will instead buy domestic products and thus strengthen the country's own economy.
jel /ritzau/
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