Trump warns China with additional tariffs
(MENAFN) U.S. President Donald Trump has signaled the possibility of imposing additional tariffs on China as part of his strategy to target nations maintaining economic ties with Russia.
Speaking on Wednesday, Trump announced plans to raise tariffs on Indian imports to 50% by the end of August, accusing India of supporting Moscow by continuing to purchase Russian oil.
When asked during a White House press briefing whether China could face similar measures, Trump responded, “Could happen. Depends on how we do,” indicating further tariffs may be on the table. He also suggested more countries could soon be hit with secondary sanctions over energy dealings with Russia, saying, “You’re going to see a lot more.”
India and China, two of Russia’s biggest oil customers, have both asserted they will protect their economic interests despite Washington’s pressure. India’s Foreign Ministry affirmed on Wednesday that it “will take all actions necessary to protect its national interests.” Meanwhile, China reiterated its commitment to energy security and warned that “tariff wars have no winners.”
Currently, U.S. tariffs on Chinese imports remain at 30%, temporarily frozen after a sharp escalation in the trade war earlier this year. In April, the standoff peaked with U.S. tariffs hitting 145% and Chinese retaliatory duties reaching 125%.
Although a truce was reached in May, that temporary agreement is due to expire next Tuesday. Last week, U.S. and Chinese officials met in Sweden to discuss an extension, but no final deal was reached.
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