Donald Trump has threatened to impose an additional 50% tariff on imports from China on Wednesday unless the country rescinds its retaliatory tariffs on the United States by Tuesday.
The news comes on the third day of catastrophic market falls around the globe since Trump announced his trade war last Wednesday with tariffs on the US’s trading partners.
As part of that move the White House announced it would impose a 34% tariff on Chinese imports. In response, Beijing announced a 34% tariff on US imports.
Oh China did much more than that… Over the weekend they basically imposed a ban on shipping rare minerals to the US. The stuff used for all those chip fabs Trump wanted to build in the US. Minerals used for medical equipment. Minerals used to make bullets hard or allow missiles to aim for targets. They essentially shut out the majority of tech and military in the US. China knows how to deal with an idiot, and the idiot’s response was “more tariffs, that’ll teach 'em!”