US President Donald Trump has announced that the US will impose a 155% tariff on all Chinese imports, effective November 1. He claimed that the move is meant to address trade practices that have not been favorable to the United States, despite his wish for friendly relations with Beijing.
In a press briefing, Trump stated that the move is a response to China's continued dominance in world trade, which he asserts is a result of unfair advantages. He also said that the new tariffs would remain in place until China changed its trade practices to something he termed fair.
The announcement is made as relations between the U.S. and China become strained due to trade and technology issues, as well as China's close economic ties with Russia. According to Trump, his government will be friendly to China, but added that the United States must pursue its own financial interests.
Trump alleged that past administrations in the United States had allowed China to benefit from imbalanced trade agreements. He claimed that this trend has caused massive trade deficits and undermined the American manufacturing industry. According to Trump, China has been extremely tough on the US since we have not had business-smart presidents.
He provided an example of his trade negotiations with the European Union, Japan, and South Korea in the past, where tariffs were employed to secure favorable deals. Trump stated that such deals generated considerable revenue for the country and saved key strategic industries. According to Trump, the tariff policy is a component of the larger initiative to protect national security and restore the industrial strength of the US.
Trump also cited a report that China will implement new export restrictions starting on November 1. He termed the action as an unfriendly economic measure and stated that the U.S will retaliate with a strong force to safeguard its market interests.
The new tariffs are based on the secondary tariff strategy of Washington, which targets nations that indirectly support Russia through energy trade. At the beginning of this year, the United States imposed a 50% tariff on Indian imports in response to its purchase of Russian oil.
The expansion of the policy to China, the world's largest consumer of Russian crude, suggests that the Trump administration is adopting a tougher economic stance toward countries associated with the war economy. The action represents another step in the United States' overall trade policy, which focuses on economic pressure and strategic leverage.