Key points
- This would come on top of a 10pc duty imposed in February
- Differences should be resolved through dialogue: Chinese minister
- Additional China tariffs could cost consumers up to $25 billion
ISLAMABAD: United States (US) President Donald Trump said Thursday that a 10 per cent additional tariff on imported goods from China will take effect on March 4 because drugs made there are still pouring into the country.
According to Nikkei Asia, this would come on top of a 10 per cent duty imposed in February.
Additional tariff
According to AP, Trump announced the move in a post on his Truth Social platform. “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.”
According to AP, the prospect of escalating tariffs has already thrown the global economy into turmoil, with consumers expressing fears about inflation worsening.
$25 billion cost
Trump did impose a 10 per cent tariff on China for its “role” in the manufacturing of chemicals used to make fentanyl, and that tax would now be doubled, according to his social media post.
On Thursday, China’s Commerce Minister Wang Wentao wrote to Jamieson Greer, the newly confirmed US trade representative, that differences on trade should be resolved through dialogues and negotiations.
The additional China tariffs could cost consumers up to $25 billion, according to an AP report.
