US President Donald Trump has said that if there's no trade deal between the United States and China, China could face a 155 percent tariff from November 1st.
Trump made this statement during a conversation with reporters at the White House on Monday.
Trump said, "I think China has been very respectful to us. They're paying us a lot of money in tariffs. They're paying a 55 percent tariff, which is very high."
He said, "Many countries took advantage of America, but now they are unable to do so. China is paying a 55 percent tariff, and if we don't reach an agreement, the tariff could rise to 155 percent from November 1st."
Despite the tough rhetoric, Trump expressed confidence in securing a mutually beneficial trade agreement with Chinese President Xi Jinping.
He revealed plans to meet Xi in South Korea later this month during the Asia Pacific Economic Cooperation (APEC) summit, describing the discussions as vital for maintaining a strong US-China relationship.
“I think when we finish our meetings in South Korea, China and I will have a really fair and really great trade deal together. I want them to buy soybeans… It’s going to be fantastic for both countries and for the entire world,” he said.
Trump also confirmed he had been invited to visit China early next year.
Trump’s latest comments come amid heightened trade tensions between Washington and Beijing. Since returning to office, he has imposed tariffs totalling around 55 per cent on Chinese goods, generating billions in revenue for the US.
Earlier this month, Trump announced an additional 100 per cent tariff on top of existing duties, along with export controls on critical software, effective November 1. The move followed Beijing’s decision to impose export controls on rare earth materials vital to high-tech and defence industries.
Prakash Kumar Pandey