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| Trump threatens China with additional 10% tariff in escalation of trade war | |
| (about 1 hour later) | |
| US president also insists delayed tariffs on imports from Canada and Mexico will go into effect on 4 March | |
| Donald Trump has threatened China with an additional 10% tariff on its exports to the US, setting the stage for another significant escalation in his trade war with Beijing. | |
| The US president also claimed that he plans to impose tariffs on Canada and Mexico starting next Tuesday, having delayed their imposition last month following talks with his counterparts. | |
| Posting on Truth Social on Thursday, Trump said that illicit drugs such as fentanyl were being smuggled into the United States at “unacceptable levels” and that import taxes would force other countries to crackdown on the trafficking. | |
| “We cannot allow this scourge to continue to harm the USA, and therefore, until it stops, or is seriously limited, the proposed TARIFFS scheduled to go into effect on MARCH FOURTH will, indeed, go into effect, as scheduled,” the Republican president wrote. “China will likewise be charged an additional 10% Tariff on that date.” | “We cannot allow this scourge to continue to harm the USA, and therefore, until it stops, or is seriously limited, the proposed TARIFFS scheduled to go into effect on MARCH FOURTH will, indeed, go into effect, as scheduled,” the Republican president wrote. “China will likewise be charged an additional 10% Tariff on that date.” |
| If Trump makes good on this latest threat, the move would further strain relations between the US and its largest trading partners. | |
| Both Canada and Mexico have pledged to retaliate if the US imposes tariffs on their exports. China hit back swiftly when Trump imposed a 10% tariff on its exports earlier this month. | |
| The Trump administration has repeatedly raised the threat of tariffs, pledging to rebalance the global economic order in America’s favor. A string of announced measures have yet to be introduced, however, as economists and businesses urge officials to reconsider. | |
| The duties on imports from Canada and Mexico have been repeatedly delayed; modified levies on steel and aluminum will not be enforced until next month; and a wave of so-called “reciprocal” tariffs, trailed earlier this month, will not kick in before April. | |
| Earlier this week, the US president vowed to slap 25% tariffs on the European Union, claiming the bloc was “formed to screw the United States”, although details remain sparse. Duties will be applied “generally”, Trump said, “on cars and all other things”. | |
| The prospect of escalating tariffs has already thrown the global economy into turmoil – with consumers expressing fears about inflation worsening and the auto sector possibly suffering if the US’s two largest trading partners in Canada and Mexico are slapped with taxes. | The prospect of escalating tariffs has already thrown the global economy into turmoil – with consumers expressing fears about inflation worsening and the auto sector possibly suffering if the US’s two largest trading partners in Canada and Mexico are slapped with taxes. |
| The prospect of higher prices and slower growth could create political blowback for Trump. | The prospect of higher prices and slower growth could create political blowback for Trump. |
| Associated Press contributed reporting |