US President Trump vows additional 50% tariff on China as retaliation cycle escalates
United States (US) President Donald Trump continued his trend of issuing decrees via social media on Monday, lashing out over China';s tit-for-tat tariff retaliation last week. President Trump issued an Executive Order placing a 34% "reciprocal" tariff on all Chinese goods imported into the US last Wednesday, prompting a retaliatory 34% counter-tariff from China.
The new 50% tariff, which will be cumulative alongside the US's 10% across-the-board tariffs and targeted 34% "reciprocal" tariffs, is set to come into effect on Tuesday, April 8. If the Trump administration is successful in placing additional tariffs on short notice, US consumers could be facing import taxes of over 100% on Chinese goods.
Source : Fxstreet