Trump threatens to hike China tariffs further as market plunge continues
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US President-elect Donald Trump delivers remarks at Mar-a-Lago in Palm Beach, Florida, US, December 16, 2024. — Reuters
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US President Donald Trump on Monday threatened to increase further tariffs on China, which increased the chances of a further increase in trade war, which has already cleared trillions of dollars before global markets.
Trump said that on Wednesday, US imports from China would impose an additional 50 % extra duty if the world’s number 2 economy did not withdraw 34 % of US products last week. They came in response to Chinese taxes 34 % of the “mutual” duties announced by Trump.
“All talks about their requested meetings with China will be terminated!” He wrote on social media.
The announcement caused further riots in the global financial markets, which have fallen permanently since Trump’s announcement. On Saturday, the world’s largest consumer market was affected by 10 % tariffs on all imports, and the target of up to 50 % is due to its place on Wednesday.
The US stock briefly stopped its bottom slide after a report that Trump was considering a 90 -day tariff break, then the White House re -negatively rejects the report as “fake news”. The S&P 500 index increased from February 20 % to 20 %.
Asian and European shares were also submerged when investors feared that Trump’s duties could be “medicine”, they could lead to higher prices, weak demands and potentially global recession. Goldman Sex increased the difficulties of US recession to 45 %.
The European Union said it would start collecting retaliation on some US goods next week, even officials said they were ready to discuss the “zero zero” agreement with the Trump administration.
“Sooner or later, we will sit at the negotiating table with the United States and find a mutual acceptable agreement,” EU trade commissioner Maros Saifkoich said at a news conference.
Trump’s assistants say Trump has been pursuing decades of trade liberalization’s promise to overthrow, which he believes have reduced the US economy. But he also said that he was willing to talk to dozens of countries who had arrived for talks.
“He is doubled on something he knows, and he will continue to do so,” White House economist Kevin Haset said on Fox News. “But he is also going to listen to our business partners, and if he really comes to us with a big deal that benefits American manufacturing and American farmers, I am sure he will hear.”
China’s retaliation is still the most striking reaction to Trump’s announcement, which has been met with surprise condemnation by other leaders. Beijing called Trump’s behavior “economic bullying”.
After stocks in the mainland China and Hong Kong on Monday, China’s sovereign fund tried to strengthen the market.
Shares in Taiwan fell about 10 % – the largest one -day decline in record.
Wall Street leaders issued warnings at US prices, JP Morgan Chase JPM. NK CEO said with Jamie Damon that his lasting negative consequences could be yielded, while fund manager Bil Akinman said he could lead to “economic nuclear winter”.
Akman is one of Trump’s handful of supporters who questioned the strategy. Billionaire Elon Musk, who is leading Trump’s efforts to reduce government spending, called for zero rates between the United States and Europe at the end of the week.
On Monday, Trump’s commercial adviser, Peter Navaro, dismissed Tesla’s CEO as a “car collector”.
Resort, or new government?
Investors and political leaders have struggled to determine whether Trump’s taxes are permanently part of the new government or that negotiations are to get concessions from other countries.
Some people in the European Union fear that everything from French coangak and Italian alcohol to German cars is at risk of a tremendous response to European exporters.
Japanese Prime Minister Shigro Esba, one of the closest allies in Washington in Asia, called on a deal with Trump to emphasize, saying he would visit Washington at a timely time.
Other governments in Asia have also indicated the willingness to engage.
Taiwanese President Lai Chung-TT offered zero rates as the basis of talks on Sunday, while an Indian government official said that Delhi does not intend to retaliate.
Investors are now betting that the growing risk of recession can see the US Federal Reserve Kit rates early next month. Trump reiterated his demand to reduce the rates to the central bank on Monday, but Fed’s chief Jerome Powell has so far indicated that he is not a rush.
