US further increases tariffs on Chinese imports to 145pc

Washington: The United States has increased tariffs on Chinese imports by another 20 percent to 145 percent.

According to a media report, the White House has explained that the tariff on Chinese goods has now increased to 145 percent. This 125 percent new tariff is in addition to the existing 20 percent tariff, after which the total rate becomes 145 percent.

US President Donald Trump said after the recent move that yesterday was a difficult day. The process of transferring things is always very difficult. Yesterday was a big day in history in the market. We are very happy with the way the country is running.

He added that we are trying to make the world treat us fairly. We think we are in a very good position and doing very well.

After further increases in tariffs on China, the US stock market is in recession again, while investors breathed a sigh of relief when the market recovered yesterday.

It is pertinent to note that yesterday, US President Donald Trump announced the suspension of several new tariffs for 90 days, while also increasing the tariff on Chinese products by another 21 percent to 125 percent.

The US President wrote in his social media post that he is increasing the tariff on Chinese imports from 104 percent to 125 percent.

Trump also announced in his post that certain tariffs imposed on other countries will be reduced.

He wrote in his post, ‘I have suspended the new tariffs for 90 days, however, during this time the lowest tariff imposed, ‘10 percent,’ will be implemented immediately’.

He added that more than 75 countries have contacted for negotiations regarding tariffs. These are the countries that have not taken retaliatory measures against the United States.

China's Ministry of Finance announced on Wednesday that it would impose an 84 percent tariff on American products, further intensifying the global trade war started by Donald Trump.

Notably, US President Trump initially imposed a total of 54 percent (20 percent plus an additional 34 percent) tariffs on Chinese imports, in response to which China announced an additional 34 percent tariff on all American imports.

Later, China imposed more tariffs on American products after Donald Trump imposed 50 percent new tariffs, which totaled 84 percent, in response to which Trump then imposed another 21 percent tariff on China, which totaled 125 percent.

And today the White House clarified that the tariff rate imposed on China is 145 percent.