The White House has confirmed that China will be subject to a 104 per cent tariff rate from 12:01 a.m. ET on Wednesday.
American President Donald Trump’s press secretary confirmed that the measures will take effect after Beijing does not lift its retaliatory tariffs on US goods by a Tuesday noon deadline.
Earlier, the US president threatened to impose an extra 50 per cent levy on top of the existing 54 per cent tariff on Chinese imports. This move, which is part of an ongoing trade dispute between the two countries, would bring the total levies on Chinese products imported to the US to over 100 per cent.
The Chinese foreign ministry vowed its country would “fight till the end” amid reports it is preparing for a US import ban. This strong stance could lead to further escalation of the trade dispute and potentially more severe tariffs or trade restrictions. China accused America of “typical unilateralism and protectionist economic bullying.”
It is not yet clear what countermeasures Beijing plans to impose. However, the BBC reported, citing state media, that the US agricultural sector could be significantly impacted, including a potential total ban on poultry. This news should raise concerns and awareness about the possible consequences of the escalating trade tensions.