Donald Trump news: US President threatens China | Australian Markets
US President Donald Trump has threatened to impose an extra 50 per cent tariff on Chinese imports going to the US in retaliation for the People’s Republic’s tariff retaliation.
On “Liberation Day”, Mr Trump slapped China with a 34 per cent tariff as they charge the US 67 per cent by his administrations calculations when combining a number of elements, together with “currency manipulation and trade barriers”.
In response, China put a new 34 per cent tariff on US imports to offset Mr Trump’s actions.
Taking to Truth Social, the US President hit out at China, warning “all talks” between China and the US could be “terminated” in an ominous menace that was issued with a looming deadline.
“Yesterday, China issued retaliatory tariffs of 34 per cent, on top of their already record setting tariffs, non-monetary tariffs, Illegal subsidisation of companies, and massive long term currency manipulation, despite my warning that any country that retaliates against the US by issuing additional tariffs, above and beyond their already existing long term tariff abuse of our nation, will be immediately met with new and substantially higher tariffs, over and above those initially set,” Mr Trump wrote.
“Therefore, if China does not withdraw its 34 per cent increase above their already long-term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL tariffs on China of 50 per cent, effective April 9th.
“Additionally, all talks with China concerning their requested meetings with us will be terminated!
“Negotiations with other countries, which have also requested meetings, will begin taking place immediately.
“Thank you for your attention to this matter!”
Later, Mr Trump spoke to the media within the White House, saying China had turn into a “rich country because of people who were in the White House that allowed this to happen”.
“Hundreds of billions of dollars a year they make from us in trade,” Mr Trump mentioned.
“It shouldn’t be that way.
“I have a great relationship with President Xi, I have great respect for China. But, they can’t do this.
“We are going to have one shot at this. No other President is going to do this – what I am doing.
“We have just been destroyed. What they have done to our system.
“We have $36 trillion of debt for a reason.
“We will be talking to China, we will be talking to a lot of different countries.
“If we can make a really fair deal and a good deal for the United States, not a good deal for others. This is America first.”
The Republican president has insisted his tariffs are essential to rebalance international trade and rebuild home manufacturing.
European Union appears to bend knee to Trump
The European Union was offering the United States an settlement on the reciprocal lifting of all tariffs on industrial items, European Commission President Ursula von der Leyen mentioned on Monday.
The EU stays prepared to barter a resolution regardless of the US tariff choices, Ms von der Leyen mentioned, after an exchange with representatives from the metal and metals industries.
The US imposed tariffs of up to 25 per cent on imports of metal, aluminium and associated by-product merchandise from the EU and different trading companions in March.
“Sooner or later, we will sit at the negotiation table with the US and find a mutually acceptable compromise,” EU Trade Commissioner Maros Sefcovic mentioned at a news convention.
The European Commission later on Monday proposed counter-tariffs of 25 per cent on a vary of US items in response to Mr Trump’s tariffs on metal and aluminium, a doc seen by Reuters confirmed.
The tariffs on some items will come into impact May 16 and others later within the yr, on December 1, the doc mentioned.
The items are wide-ranging and embody diamonds, dental floss, sausages, nuts and soybeans.
Bourbon, wine and dairy have been faraway from the unique listing the Commission was weighing in March.
United Kingdom Prime Minister Keir Starmer mentioned on Monday the federal government would back its car producers “to the hilt” after Mr Trump on April 3 imposed a 25 per cent tariff on car imports.
Sir Starmer described the tariffs as a “huge challenge”.
Mr Trump mentioned on Sunday he wouldn’t back down from his tariffs regardless of the turmoil within the international markets.
“Sometimes you have to take medicine to fix something,” Mr Trump mentioned.
White House financial adviser Kevin Hassett mentioned on Monday that Mr Trump had talked to world leaders all weekend and would hearken to proposals for great offers.
“He’s doubling down on something that he knows works, and he’s going to continue to do that,” Mr Hassett, director of the National Economic Council, mentioned on Fox News.
“But he is also going to listen to our trading partners and if they come to us with really great deals that advantage American manufacturing and American farmers, I’m sure he’ll listen.”
Countries are lining up to make offers, Mr Hassett mentioned.
“In President Trump’s view is it’s these countries that are sending inelastic supply to the country, and so they’re going to bear the brunt of the tariffs,” Hassett mentioned.
– with AP, DPA and Reuters
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