(qlmbusinessnews.com . Tues 8th Apr, 2025) London, UK —
US-China Trade War Fears Surge as Trump Warns of New 50% Tariffs
US President Donald Trump has dramatically escalated trade tensions with China, threatening an additional 50% tariff on Chinese imports if Beijing does not revoke its recently announced retaliatory measures.
Writing on his Truth Social platform, Mr Trump declared that the substantial new levy would be imposed unless China withdraws its own 34% counter-tariff slapped on American goods this past Friday.
The move follows Mr Trump's initial imposition of a 34% tax on a wide range of Chinese imports just last Wednesday, part of a broader strategy targeting multiple US trading partners. Should the threatened 50% increase materialise, American companies importing goods from China could face a staggering potential total tariff rate, significantly increasing costs.
In his social media post, Mr Trump stated that China's countermeasure came “despite my warning that any country that Retaliates against the U.S. by issuing additional Tariffs… will be immediately met with new and substantially higher Tariffs”.
The sharp ratcheting up of rhetoric between the world's two largest economies has intensified fears of a damaging global trade war. Such tariffs represent a significant threat to Chinese manufacturers, who rely heavily on the vast American market.
Market volatility followed the announcement, sending shockwaves through global stock exchanges. European markets finished lower after sharp declines across Asia. Notably, Hong Kong's Hang Seng index plummeted by over 13%, marking its most severe single-day drop since 1997.
Despite the confrontational stance, Mr Trump's post also suggested that negotiations regarding tariff levels “will begin taking place immediately”.
The US President is scheduled to meet Israeli leader Benjamin Netanyahu later today, with trade tariffs expected to feature in their discussions. Earlier posts indicated Japan is dispatching a negotiating team to Washington, specifically to address the tariff situation.
Meanwhile, European Commission President Ursula von der Leyen extended an offer of a “zero-for-zero tariff” agreement to Mr Trump, though she had previously maintained that retaliatory measures from the EU remained an option. “We are also prepared to respond through countermeasures and defend our interests,” she affirmed.
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