US President Donald Trump has threatened to impose new tariffs on China, intensifying existing trade tensions.
During a press briefing at the White House, Trump indicated the possibility of extending additional tariffs to China, depending on how the current measures are implemented. This follows his announcement of doubling tariffs on India to 50% by late August, blaming the South Asian nation for aiding Russia in the Ukraine conflict by buying Russian oil. The potential increase in tariffs marks a significant development, given that US-Chinese trade talks in Sweden have not yet resolved the standoff, leaving the temporary freeze on tariffs set to expire.
India and Beijing, two of the largest importers of Russian oil, have both pledged to defend their economic interests despite the new tariffs. The Indian Foreign Ministry stated that India will take all actions necessary to protect its national interests, while the Chinese Foreign Ministry emphasized that tariff wars have no winners.
Currently, US tariffs on Chinese goods stand at 30%, a rate temporarily frozen after a major trade standoff earlier this year. In April, Trump launched a trade war with Beijing, which pushed final tit-for-tat US tariffs to 145% and China’s retaliatory tariffs to 125%. The two superpowers reached a trade truce in May, but the temporary freeze is set to expire next Tuesday.
Recent US-Chinese trade talks in Sweden saw both sides agree to work towards extending the tariff truce, but did not reach a final agreement. These developments underscore the ongoing economic pressures and geopolitical maneuvering between the two global powers, with implications for worldwide trade and international relations.