The US tariff rate on most Chinese imports now amounts to 145%, Washington says.
US President Donald Trump announced a new levy of 125% on goods from China on Wednesday, but the White House has since clarified that rate is on top of an already existing tariff of 20%.
The 20% tariff was previously imposed on the import of Chinese goods for what Trump said was Beijing’s role in the production and supply of fentanyl into the US.
In a lengthy post on his own social media platform, Trump says the decision to impose the additional 125% levy was due to China showing a “lack of respect” to the world’s markets.
The 47th US president added that he is sure Beijing will realise “in the near future” that the days of “ripping off” the United States and other countries are over, adding that their model of business is not fair, sustainable or acceptable.
READ ALSO: China announces 84% tariffs on US goods in showdown with Trump
Trump says that more than 75 countries have contacted US representatives to discuss and negotiate deals following the implementation of his global “reciprocal tariffs”, prior to his U-turn which saw him pause their implementation for 90-days.
China however has remained stern and refused to engage in any form of negotiations with the United States, who it accused of being a bully, prompting Trump’s response.
China has retaliated with tariffs on US goods of 84%, which took effect on Thursday.
Beijing turns to Brussels
Trump’s move was seemingly an attempt to narrow what had been an unprecedented trade war between Washington and most of the world, to a showdown between the US and China.
“A just cause receives support from many,” Chinese Foreign Ministry Spokesperson Lin Jian said at a daily briefing on Thursday. “The US cannot win the support of the people and will end in failure.”
China has thus far focused on Europe, with a phone call between Premier Li Qiang and European Commission President Ursula von der Leyen “sending a positive message to the outside world.”
“China is willing to work with the EU to jointly implement the important consensus reached by the leaders of China and the EU, strengthen communication and exchanges, and deepen China-EU trade, investment and industrial cooperation,” the official Xinhua News Agency reported.
That was followed by a video conference between Chinese Commerce Minister Wang Wentao and EU Commissioner for Trade and Economic Security Maroš Šefčović on Tuesday to discuss the US “reciprocal tariffs.”
Despite their unhappiness with Washington, not all countries are interested in linking up with China, especially those with a history of disputes with Beijing.
India has reportedly turned down a Chinese call for cooperation, and Russia – typically seen as China’s closest geopolitical partner – has been left out of the Trump tariffs altogether.
Taiwanese Foreign Minister Lin Chia-lung said on Wednesday that his government is preparing for talks on tariffs with US officials, after the island nation was slapped with a 32% levy, despite it being a close trading partner, producing most computer chips for US companies.
But Trump remains persistent that his tariff policy will usher in what he calls “America’s golden age”, routinely noting that the US will see “wealth like never before”.
Speaking at a cabinet meeting, Trump defended his tariff policies, which have rattled global markets, insisting the US is in “very good shape”.
“We’re very, very happy with the way the country’s running. We’re trying to get the world to treat us fairly,” Trump said.
SOURCE: EURONEWS