US-China Trade Tariff Announcement
The White House has announced a significant 104 per cent tariff on imports from China, marking a deepening economic standoff between Washington and Beijing.
Implementation Details
- The tariff incorporates existing levies along with new duties under Section 301 of the Trade Act effective from today.
Background and Rationale
- Initiated as a response to China's retaliatory 34 per cent tariffs on American goods.
Key Statements and Actions
- A White House official described this as "one of the most aggressive trade actions" by the US in years.
- US announced an additional 50% tariff if China did not withdraw its tariffs by the stated deadline.
- US declared an end to bilateral talks, stating cancellations of China’s "requested meetings" with the US.
Expected Consequences
- The tariffs are anticipated to impact not just US-China relations but global supply chains as well.
