Amidst the global tariff war that began from Liberation Day Rollout, US President Donald Trump on Saturday defended his decision to put heavy tariffs on Chinese goods, saying that the US had quit becoming “foolish and helpless whip” in global trade.
Trump’s remarks have come in relation to China’s warning to use China as an economic “weapon” to Washington. Earlier this week, Trump imposed an additional 34 percent tariff on Chinese goods, leading to an increase to 54 percent of the total US duty on imports from China this year.
Encouraged by the move, Beijing retaliated on Friday and announced that it would impose an additional 34 percent tariff on all American goods. Chinese tariffs will be effective from April 10.
What did Trump say?
Trump said on his social media handle, “China has suffered much more harm than America, not even more. He and many other countries have treated us very badly. We have been foolish and helpless ‘whips’, but it will not happen now.”
He said, “We are bringing back more jobs and business than ever. It has already invested more than 5 trillion dollars and it is growing rapidly. It is an economic revolution and we will win. Be patient, it will not be easy, but the end results will be historic. We will make America great again.”
China imposes 34 percent additional counter -tariff on American goods
China’s Finance Ministry announced on 4 April that it would impose an additional 34 percent tariff on all American goods from April 10, which is a retaliation in response to President Donald Trump’s tariff. The Ministry also revealed new export controls on major medium and heavy rare -ethical elements – such as Samaryium, Gadolinium, Terbium, Disprasium, Lutetium, Scandium and Yitrium – which will be effective from April 4.
In addition to tariffs and export restrictions, Beijing has added 11 foreign institutions to its “incredible institution” list, giving the authorities the ability to implement punitive measures on them.
The Ministry of Commerce said, “China’s export controls aim to better protect national security and interests, as well as to fulfill international obligations like nuclear non -proliferation.”
On Saturday, China’s Foreign Ministry said it would “continue to take strong steps to protect their sovereignty, security and development interests.” According to a report by news agency Reuters, it also urged the US to “stop using tariffs as a weapon to suppress China’s economy and trade and to stop weakening the valid development rights of Chinese people”.
Reacting to Beijing’s decision, Trump said on Wednesday, “China did wrong, they got nervous – one thing they cannot tolerate.”
Trump’s tariff campaign
Just after taking over for his second term as an US President, Trump said he could impose 25 percent trade fee on Canada and Mexico since February. Trump announced a 60 percent fee for products coming from China.
In his inaugural speech, Trump promised that tariffs would be imposed and said that foreign countries would pay trade penalty, even if they are currently paid by domestic importers and are often given to consumers.
However, a day after stopping the tariff employed for at least one month for Mexico, US President Donald Trump agreed to do the same with Canada after a meeting with Prime Minister Justin Trudeau on 4 February. However, Trump’s tariffs against China are still going to come into force on Tuesday.
On 3 February, Trump stopped the tariff imposed on Mexico. Mexico President Claudia Shinbam Pardo tweeted and said in a conversation with US President Donald Trump that Tariff has been stopped for a month.
Later, he threatened the European Union that if the European Union proceeds with a tariff employed on the American whiskey, it would impose 200 percent per cent per cent percent tariff on European wine, champagne and spirit. The European tariff was expected to be implemented from April 1.
Trump has also threatened Canada to install new tariffs tariffs targeting Canada’s wood and dairy products. Citing about 250% of Canadian tariffs on US dairy exports to the country, President Trump said in the Oval Office address, “Canada has been charging money on wood and dairy products for years,” CNN reported.
In addition, he doubled his planned tariffs on Canada imported steel and aluminum products to 50 percent. The move was taken by Ontario in response to the decision to put 25 percent tariff on its power exports to the United States.
Recently, Trump announced a 25 percent tariff on imports from countries buying oil or gas from Venezuela. On his social media platform Truth Social, Trump announced that Venezuela had been “very hostile” for the US and the countries buying oil would be forced to pay tariffs on all their business with the US from April 2.
