Amid a global market meltdown, US President Donald Trump announced a further tariff hike on imports from China – to 125 per cent – on Wednesday, while putting a 90-day pause on punitive levies aimed at most other nations.
“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,” Trump said in a social media post.
“At some point, hopefully in the near future, China will realise that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.”
The US leader’s latest move narrows, at least temporarily, what had been the start of an unprecedented trade war against most of the world to one between Washington and Beijing.
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China condemns US ‘bullying’ as Trump’s 104% tariffs kick in, vows resolute measures
Before the latest hike, Trump’s effort to bring Chinese officials to the trade negotiating table had brought the cumulative total of additional US import duties on Chinese products to 104 per cent.