Donald Trump threatens new 50% tariffs on China
Tariffs on China set to rise to at least 104% on Wednesday, White House says
Daily SumUp · Daily SumUp
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Show Notes
Donald Trump has threatened China with an extra 50% tariff on goods imported into the US if it does not withdraw its 34% counter-tariff, as global markets continue to fall.
Beijing retaliated on Sunday, following last week's decision by Trump to slap a 34% tax on Chinese imports as part of his "Liberation Day" that set a minimum 10% levy on nearly all of America's trading partners.
In a social media post on Monday, Trump gave China until Tuesday to scrap its countermeasure or face the 50% tax.
China's commerce ministry labelled the additional levy as "a mistake on top of a mistake" saying it will never accept the "blackmail nature" of the US.
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