The United States announced that China now faces a new tariff of up to 245 per cent due to its retaliatory measures, according to a statement by the White House late on Tuesday.<\/p>\n
The White House\u2019s latest administrative order, revealed late on Tuesday, has launched a national security inquiry into vital resource imports. The order also included explanations for the reciprocal tariffs announced on April 2.<\/p>\n
\u201cChina now faces up to a 245pc tariff on imports to the US as a result of its retaliatory actions,\u201d the White House said.<\/p>\n
\u201cOn day one, President Trump initiated his America First Trade Policy to make America\u2019s economy great again,\u201d it said.<\/p>\n
\u201cMore than 75 countries have already reached out to discuss new trade deals. As a result, the individualised higher tariffs are currently paused amid these discussions, except for China, which retaliated,\u201d it added.<\/p>\n
\u201cA few months ago, China banned exports to the US of gallium, germanium, antimony and other key high-tech materials with potential military applications.<\/p>\n
\u201cJust this week, China suspended exports of six heavy rare earth metals, as well as rare earth magnets, in order to choke off supplies of components central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world.\u201d<\/p>\n
The statement did not clarify the exact tariff rate China faces, but it implied that the tariff rate could go up to 245pc.<\/p>\n
China increased its tariffs on imports of US goods to 125pc last Friday in a tit-for-tat move to Trump, who effectively raised US tariffs on Chinese goods to 145pc while putting a 90-day pause on planned levies for other countries\u2019 goods.<\/p>\n
China told Washington today to \u201cstop threatening and blackmailing\u201d after US President Donald Trump said it was up to Beijing to come to the negotiating table to discuss ending their trade war.<\/p>\n
Trump has slapped new tariffs on friend and foe but has reserved his heaviest blows for China.<\/p>\n
\u201cIf the US really wants to resolve the issue through dialogue and negotiation, it should stop exerting extreme pressure, stop threatening and blackmailing, and talk to China on the basis of equality, respect and mutual benefit,\u201d foreign ministry spokesman Lin Jian said.<\/p>\n
\u201cChina\u2019s position has been very clear. There is no winner in a tariff war or a trade war,\u201d Lin said. \u201cChina does not want to fight, but it is not afraid to fight.\u201d<\/p>\n
This year, Trump has imposed an additional 145pc tariff on many goods from China, stacking atop duties from previous administrations.<\/p>\n
Trump initially imposed 20pc tariffs on imports from China over its alleged role in the fentanyl supply chain, then added 125pc over trade practices that Washington deems unfair.<\/p>\n
His administration has, however, given temporary reprieve for certain tech products \u2014 like smartphones and laptops \u2014 from the latest levy.<\/p>\n
The White House said on Tuesday it was up to Beijing to make the first move towards ending the dispute, which economists warn could cause a global recession.<\/p>\n","protected":false},"excerpt":{"rendered":"
The United States announced that China now faces a new tariff of up to 245 per cent due to its retaliatory measures, according to a statement by the White House late on Tuesday. The White House\u2019s latest administrative order, revealed late on Tuesday, has launched a national security inquiry into vital resource imports. The order […]<\/p>\n","protected":false},"author":1,"featured_media":8235,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/8234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8234"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/8234\/revisions"}],"predecessor-version":[{"id":8236,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/8234\/revisions\/8236"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/8235"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}