China in the crosshairs of Trump’s 245% tariff!
According to Reuters, the US administration of President Donald Trump, who has launched a tariff war against China, threatened Beijing with a 245% tariff for what he called “retaliatory measures.”
In his latest executive order, Trump ordered the US Department of Commerce to conduct a comprehensive national security investigation into rare earth imports. The order also provided explanations for the tariffs announced on April 12.
The White House said in a statement that China is now facing a 245% tariff on imports to the US as a result of its retaliatory measures. Trump has launched an “America First” trade policy to restore America’s greatness (Trump’s campaign slogan) from day one.
Another part of the statement said that more than 75 countries have already contacted him to negotiate new trade agreements. As a result, the higher tariffs that were imposed separately have now been suspended amid the negotiations.
The statement did not specify the exact rate of tariffs China would face, but implied a 245 percent increase.
China raised tariffs on U.S. imports to 125 percent. Trump, who initiated the trade war, raised tariffs on Chinese imports to 145 percent but suspended tariffs on other countries for 90 days.