Amidst the escalating trade war between the US and China, the Trump administration, in its latest move, has announced a sweeping new tariff of up to 245% on Chinese imports. The decision came in a fact sheet which was released on late Tuesday by the White House. "China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions,” the White House statement reads.
US hits back at China with tariffs
In its statement, the White House underlined a series of actions taken by China, prompting the increase in tariffs on Chinese goods. The Trump administration made the decision in response to Chinese actions, including the ban on exports of gallium, germanium, antimony, and other strategic materials with potential military applications.
“Just this week, China suspended exports of six heavy rare earth metals, as well as rare earth magnets to choke off supplies,” the administration added in its statement.
The White House, while underscoring President Trump's “America First” trade policy, said that the Trump administration's actions are aimed at restoring Washington's economic strength and independence.
It also stressed that more than 75 countries have already reached out to the US to discuss new trade deals, and thus, the tariffs are paused for other nations, with the exception of China.
Chinese actions concern US
Earlier, China ordered to halt the delivery of Boeing Co. planes, according to a report by Bloomberg. The report claimed that the Chinese government asked its domestic carriers to avoid purchasing aircraft-related equipment and parts from American companies.
Meanwhile, China appointed a new top international trade negotiator on Wednesday amid tariff tensions with the US. The Chinese government in an update said that Li Chenggang has been appointed to replace Wang Shouwen, who participated in the trade negotiations for the 2020 trade deal between the China and the US.
The United States and China, the world's two largest economies, have been steadily increasing tariffs on each other's goods since the US raised tariffs on dozens of countries.
(With inputs from AP)
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