President Donald Trump fired off a massive tariff threat against China after the communist government responded with retaliatory tariffs against the U.S.
The president announced tariffs on numerous countries on Wednesday but had singled out China as one of the worst offenders for additional tariffs. The Chinese government responded with its own 34% tariff increase on the U.S.
‘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.’
On Monday, Trump wrote on social media that he would respond with a staggering 50% tariff against China if it didn’t back down.
“Yesterday, China issued Retaliatory Tariffs of 34%, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidization of companies, and massive long term Currency Manipulation,” wrote the president, “despite my warning that any country that Retaliates against the U.S. 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.”
He went on to say if China refused to call off its retaliatory tariff that he would respond with an additional tariff of 50%, which bring the total tariffs against China to about 100%. He added that he would not be taking any meetings with Chinese leaders.
“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!”
Trump had previously reacted to China’s retaliatory tariffs by mocking the country on social media.
“CHINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO!” he wrote Friday.
Other countries have responded by seeking trade deals with Trump. Among those are Israel, Japan, and South Korea. Commerce Secretary Howard Lutnick defended the policies Sunday by saying the president’s goal was to re-industrialize the U.S. and bring back manufacturing jobs that had been lost to globalization.
The stock market has reacted negatively to the tariffs and dropped in value by more than a total of $10 trillion.
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