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US threatens China with 245% tariff

The warning comes amid an escalating trade war between Washington and Beijing

© Win McNamee/Getty Images

© Win McNamee/Getty Images

Chinese imports to the US could face tariffs as high as 245%, according to a White House fact sheet released on Tuesday. The warning comes amid a growing trade rift between the world’s two largest economies.

The administration of US President Donald Trump has cited Beijing’s retaliation to previous levies as the reason for the latest potential hike.

“China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions,” the fact sheet reads. However, it’s not clear from the document when the increase would come into force.

Washington has imposed several major tariff rises on Beijing in the past two months, increasing the duties from an initial 20%.

Beijing’s retaliation has included a hike to 125% on all American imports, a suspension of global shipments of rare-earth metals and magnets used in tech and military industries, and an order to Chinese airlines to stop accepting Boeing jets and parts.

The standoff with China comes amid a broader US tariff campaign targeting dozens of countries. According to Trump, the measures are part of an effort to balance the US trade deficit with its trading partners.

Following turmoil on the financial markets, the US administration paused higher tariffs for most countries to allow trade negotiations, except for China.

White House press secretary Karoline Leavitt said on Tuesday that Trump was open to making a trade deal with the Asian nation, but that Beijing should make the first move.

China has slammed US tariffs as “a weapon to exert extreme pressure and pursue private interests” and an act of “unilateral economic bullying.” It has also vowed to continue to “take resolute measures to safeguard its legitimate interests.”

Author: Editors Desk

Source: RT

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