"If China does not withdraw its 34% increase on top of its longstanding trade violations by April 8, 2025, the United States will impose a 50% tariff on China starting April 9," Trump stated on Truth Social. Last week, US President Donald Trump announced summary tariffs, saying the country had been “ripped off for years” from its trading partners. Trump claimed that the government was on the list to make deals with Washington.
Following Trump's statements, China announced that it would impose a 34% retaliatory tariff on all US goods as of April 10. This development seems to mark a new phase in the trade war with China.
On Monday, April 7, there was a significant decline at the opening of European stock markets. The outlook for global trade has been plunged into uncertainty due to Trump's tariffs and China's counter steps.
EU's Harsh Reaction
European Union Trade Commissioner Maroš Šefčovič stated that the EU is ready to use "all means" to protect itself from the impact of US tariffs if negotiations fail. The EU pointed out that Trump's tariffs and trade tensions with China would also have serious impacts on European markets.
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