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Donald Trump said Thursday that he would impose an additional 10% tariff on Chinese imports and levy on Mexico and Canada starting next week, adding to the ghost of the global trade war.
The president stopped his proposed tariffs on Mexico and Canada earlier this month just hours before they began, giving the two of the U.S.’s two largest trading partners a month of probation.
But, in a Thursday article on truth social, Trump wrote: “The proposed tariffs, which are proposed for the fourth time in March, will indeed take effect as planned.”
The president added that he also plans to impose an additional 10% tax on March 4, which is the 10% tariff he imposed this month.
Trump said his “reciprocity” tariff plan announced this month and affects countries and products around the world, and will be carried out as planned on April 2.
“Again, the date will also be subject to an additional 10% tariff. “The second mutual tariff date in April will remain in full force and effect,” Trump wrote. ”
China’s maritime renminbi weakened to 7.289 yuan after Trump’s latest threat. The dollar rose 0.6% against other major currencies.
The Mexican peso also fell by the Canadian dollar, down 0.5% against the dollar.
Trump’s remarks are the latest in the radical trade policy his administration has been adopting since reentering the White House in January. They increase the danger of a wider trade war that can cause significant damage to the global economy.
If Trump decides to impose a 25% tariff on EU products, he threatens to advance 25% on Wednesday, which will deepen the potential losses.
The latest intervention from the U.S. president is due to British Prime Minister Sir Keir Starmer visiting the White House on Thursday. Britain is at risk of being hit by Trump’s “reciprocity” tariff plan, and trade is expected to be discussed during the meeting.
Trump’s comments on Thursday were clearly contrary to Wednesday’s remarks, when he said the levy on Canada and Mexico would take effect on April 2, indicating a possible delay.
The latest push to tariffs that he entered into force on March 4, the day he planned to be at a joint meeting in Congress, could trigger diplomatic rush in an attempt to stop the measures in the coming days.
A high-level delegation of Mexican officials will visit Washington on Thursday to meet with U.S. Secretary of State Marco Rubio to discuss security cooperation.
China’s new tariffs mark an escalation announced by Levi Trump last month, which aims to force Beijing to crack down on groups exporting chemicals used to make fentanyl.
Over the past month, Beijing has been trying to determine whether Trump wants to reach a narrow trade deal with China or a more comprehensive deal.
Chinese officials and government advisers informally stated that Beijing would be willing to buy more U.S. products to reduce the trade deficit between the two countries.
They also said that according to people familiar with the matter, Chinese companies can invest in the U.S. to create up to 500,000 jobs.
However, the two sides have not yet conducted any substantial negotiations on trade. Liu Pengyu, a spokesman for the Chinese Embassy in the United States, said Beijing did not know who on the Trump team would chair any trade negotiations.
The announcement of additional tariffs in China comes the second day after the Senate confirmed Jamieson Greer as U.S. Trade Representative. The Chinese Embassy has been contacted for comment.
Christine Murray’s other reports in Mexico City
