Donald Trump has issued a warning to China, stating that the U.S. will impose an additional 50% tariff on Chinese imports unless Beijing rescinds its 34% retaliatory tariff. This comes as global markets continue to experience declines.
The tensions escalated on Sunday, following Trump's decision to enforce a 34% tariff on Chinese goods as part of his "Liberation Day" initiative, which introduced a minimum 10% tax on nearly all U.S. trade partners.
In a Monday social media post, Trump set a deadline for China to remove its counter-tariff by Tuesday, or else face the 50% levy.
The Chinese embassy in Washington responded by accusing the U.S. of "economic bullying," emphasizing that China would "resolutely defend its legitimate rights and interests."
Source; Citinewsroom
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