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As President Donald Trump threatened China with more tariffs on Mondayt, the White House confirmed that the new tariffs would take the total tariff of China to 104 per cent if China does not back down. Trump announced a 34 per cent tariff on China on ‘Liberation Day’ which took the total tariff to 54 per cent. With another 50 per cent added to it, the total tariff would reach 104 per cent.
After his meeting with Israel Prime Minister Benjamin Netanyahu, Trump said China is a massive surplus and they invest that extra money to te military which Trump does not want. “China is a massive surplus. That they take and they spend on their military. We don’t want that. I don’t want them to take $500 billion, $600 billion a year and spend it on their military. I don’t want them spending money on their military. We shouldn’t have to spend that either. I said this to President Xi hopefully it’s the money we are never going to use,” Trump said as he asserted that he is not backing down on tariffs.
No talks with China: Trump’s ultimatum
As the market continued to bleed on Monday, Donald Trump asked people to be resilient as he announced his ultimatum to China. “Yesterday, China issued Retaliatory Tariffs of 34%, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidization of companies, and massive long term Currency Manipulation, despite my warning that any country that Retaliates against the U.S. by issuing additional Tariffs, above and beyond their already existing long term Tariff abuse of our Nation, will be immediately met with new and substantially higher Tariffs, over and above those initially set,” he wrote.
He threatened that negotiations with China will also not take place if China does not withdraw the 34 per cent tariff by tomorrow. “Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately,” Trump said.
