Trump Threatens to Escalate Trade War with China, Pledges Over 60% Tariffs if Re-elected
In a recent interview with Fox News, former US President Donald Trump declared his intention to impose additional tariffs on Chinese goods exceeding 60% if he secures victory in the upcoming US election in November. Trump, currently the frontrunner for the Republican party, has consistently criticized China for unfair trade practices and intellectual property theft.
"We have to do it," Trump asserted during the interview, emphasizing his commitment to addressing what he perceives as China taking advantage of the United States. Despite expressing a desire to foster positive relations with China, he maintained that imposing significant tariffs is a necessary step.
Trump's tough stance on China was a hallmark of his presidency, leading to a trade war between the two largest economies globally. Starting in 2018, he imposed tariffs on hundreds of billions of dollars worth of Chinese goods, prompting retaliatory measures from Beijing, including tariffs on US imports like soybeans, wheat, and poultry.
The former president's latest comments surpass his earlier proposal of a universal 10% tariff on all imports into the US. Trump's successor, President Joe Biden, has largely maintained the existing tariffs, despite criticism that they contribute to rising prices and reduce the country's competitiveness.
Treasury Secretary Janet Yellen expressed concerns last month, stating that Trump's plan to increase tariffs would elevate costs for American businesses and consumers across various goods. The US has been China's primary export market for more than two decades, and any escalation in trade tensions could have widespread economic implications.
While Trump's aggressive stance finds support among some lawmakers, bipartisan efforts in Congress are exploring measures to further restrict Chinese investments in the US and recommend higher tariffs on imports from China. The evolving trade dynamics between the US and China continue to shape the economic landscape and remain a focal point in the ongoing political discourse.
