(qlmbusinessnews.com . Fri 28th Feb, 2025) London, UK —
Trump Announces Fresh 10% Tariff on Chinese Imports Amid Growing Trade Tensions
Former US President Donald Trump has revealed plans to impose an additional 10% tariff on Chinese goods, escalating ongoing trade disputes between the world’s two largest economies.
This latest tariff move comes on top of existing import duties, which already stand at a minimum of 10% following an earlier tariff policy enacted earlier this month.
Trump also confirmed that he intends to press ahead with a 25% tax on imports from Mexico and Canada, set to take effect on 4 March, unless the two nations strengthen border security efforts. The announcement was made as officials from both countries held discussions in Washington, seeking to negotiate an alternative arrangement.
Trump initially threatened the North American tariffs for 4 February but temporarily postponed them after Canada and Mexico agreed to increase funding for border security and intensify efforts to combat drug trafficking. However, he took to social media on Thursday to express his dissatisfaction, claiming that drug smuggling into the US from its neighbouring countries remains at “very high and unacceptable levels.” He further asserted that a “large percentage” of these drugs originate in China.
Mexican President Claudia Sheinbaum responded by acknowledging Trump’s outspoken communication style but remained hopeful for a diplomatic resolution ahead of the 4 March deadline. Meanwhile, Canadian Prime Minister Justin Trudeau warned that the US tariffs would trigger an “immediate and extremely strong response” from Canada if implemented.
The proposed tariffs have sparked widespread concern among economists and business leaders, given the deep economic interdependence between the US, Canada, and Mexico. Trade experts warn that retaliatory tariffs from Canada and Mexico could disrupt supply chains and lead to price hikes for American consumers.
China’s response has been swift, with its embassy in Washington stressing that Beijing is already working with the US on counter-narcotics efforts, having made “visible progress” in areas such as law enforcement cooperation and online monitoring. A Chinese spokesperson warned that further tariffs would “undermine future counternarcotics collaboration” and fail to address the root causes of the issue.
The uncertainty surrounding Trump’s trade policies has rattled financial markets, with fears that rising tariffs could lead to increased consumer costs and weakened investor confidence. While Trump has downplayed concerns, insisting the US remains the “pot of gold” for global trade, analysts caution that continued tariff escalations could have lasting economic consequences, particularly if China, Mexico, and Canada respond with countermeasures.
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