Trump issues threat to China with additional tariffs
(MENAFN) US President Donald Trump has signaled that new tariffs on China are possible as part of his wider campaign to penalize nations trading with Russia. Speaking on Wednesday, Trump announced plans to double tariffs on Indian goods to 50% by late August, accusing India of supporting Moscow by purchasing Russian oil.
When asked if similar measures might target China, Trump replied, “Could happen. Depends on how we do,” adding that more tariffs and secondary sanctions are on the way against countries buying Russian energy.
Both India and China — among the largest importers of Russian oil — have vowed to defend their economic interests. India’s Foreign Ministry stressed it would take all necessary steps to safeguard national interests, while Beijing reaffirmed its commitment to securing energy supplies and warned that “tariff wars have no winners.”
Currently, US tariffs on Chinese products stand at 30%, frozen since a major trade confrontation earlier this year. In April, Trump’s trade war with China drove tariffs to a peak of 145% for the US and 125% for China before both sides agreed to a truce in May. That freeze is set to expire next Tuesday.
Last week in Sweden, US and Chinese negotiators agreed to work toward extending the truce but failed to finalize a deal.
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