The United States President Donald Trump has threatened to impose new 50 percent tariffs on Chinese imports if Beijing does not lift its retaliatory duties on the U.S. exports by tomorrow.
In a post on social media, Trump says they have been more than patient in the ongoing trade dispute and warned that the time for talk is over if China fails to act swiftly.
The proposed tariffs would significantly raise costs on hundreds of billions of dollars worth of Chinese goods entering the U.S.
This latest development escalates the tense trade standoff between the world’s two largest economies.
China had earlier imposed retaliatory tariffs on a wide range of U.S. products including soybeans, automobiles and technology components, in response to the previous tariff hikes.
Economists warn that further escalation could impact global markets and risk slowing economic growth.
White House officials say they are open to last-minute talks but emphasized that the President remains firm on his demand for fair and reciprocal trade.
Beijing has not yet officially responded to the new ultimatum.
[Source: CNBC ]
