- cross-posted to:
- politics@lemmy.world
- world@lemmy.world
- progressivepolitics@lemmy.world
- cross-posted to:
- politics@lemmy.world
- world@lemmy.world
- progressivepolitics@lemmy.world
The White House said China is now facing up to a 245 percent tariff on imports to the U.S. “as a result of its retaliatory actions,” another escalation in a trade war between the world’s two largest economies.
The top potential tariff is higher than the previously stated 145 percent and was referenced in a fact sheet published by the White House late on Tuesday.
It accompanied an executive order signed by President Donald Trump that launched an investigation into the “national security risks posed by U.S. reliance on imported processed critical minerals and their derivative products.”
Chinese foreign ministry spokesperson Lin Jian was asked about the 245 percent rate at a press briefing on Wednesday. “You can ask the U.S. side for the specific tax rate figures,” Lin said, China News Network reported.
“This tariff war was initiated by the United States, and China’s necessary countermeasures are to safeguard its legitimate rights and interests and international fairness and justice, which are completely reasonable and lawful.”
Trump imposed a 10 percent tariff on imports from all countries. He has temporarily paused additional “reciprocal” rates set individually for each country depending on the trade barriers faced by the U.S. to allow time for negotiations on new deals.
The exception to that pause is China, which is facing increasingly higher tariffs from the U.S. and has responded in kind, among other countermeasures.
This week, China imposed more export controls on rare earths, which include materials used in high-tech products, aerospace manufacturing, and the defense sector.
Despite the eye-watering tariffs and tough rhetoric, both the U.S. and China have said they are open to talks on trade, though further tit-for-tat retaliation is likely in this conflict between two great powers.
The funniest outcome for this would be that China just stops trading with the US altogether and opens up trade with DPRK and Cuba.
We’ll get the Cuban Funko Pop Crisis if all the treats are diverted there. That’s treats too close to the US border.
Funko Pops will overflow from the Cuban soil, spill into the Gulf of
MexicoAmericaFunko and revive the minor fishing business.Was China not trading with Korea and Cuba already? Its not like those two alone can replace the US.
Honestly I was going off the assumption that China had to recognize the Cuban blockade in order to trade with the US. I’m probably not as informed on that as I could be.