Trump Threatens New 50.0% Tariffs on China

• Donald Trump has threatened China with an additional tariff of 50.0% on goods imported into the U.S. if it does not withdraw a countermeasure, as global markets tumbled for a third day.
• Trump’s threat of an additional 50.0% duties on Chinese goods would come into effect if Beijing did not retract its counter tariff of 34% on American goods, which it announced on Friday. If he does impose the additional 50%, U.S. companies would pay a total rate of 104% on Chinese imports.
• Beijing shot back, saying that "pressuring or threatening China is not a right way to engage". "The U.S. hegemonic move in the name of 'reciprocity' serves its selfish interests at the expense of other countries' legitimate interests and puts 'America first' over international rules," Chinese Embassy spokesperson Liu Pengyu said in a statement. "This is a typical move of unilateralism, protectionism and economic bullying."
• "We have $36 trillion debt for a reason," he said, adding that the US would be talking to China among other countries to make a "fair deal and a good deal". The escalating tension between the US and China has increased fears of a global trade war. The tariffs would come as a major blow to China's manufacturers, for whom the US is a key market for exports.
• Speaking from the White House, the US president said there could be both permanent tariffs and negotiations. He was also not considering a pause on new, wide-ranging tariffs to allow for negotiations with other countries. "We're not looking at that. We have many, many countries that are coming to negotiate deals with us, and there are going to be fair deals," he told reporters.

(Source: BBC News)