COLD WAR: US prez Donald Trump and China's Xi Jinping
Image: AFP
US President Donald Trump has announced a 90-day pause on tariffs, but has escalated his trade war with China.
Trump's latest move sees all countries slapped with a 10% baseline, except for China, which will see even higher tariff levies.
In a post on Truth Social, Trump noted that China had shown a lack of disrespect to the world's markets.
He shared: "I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately.
"At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.
"Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter." (sic)
This comes after China announced that it will impose 84% tariffs on US imports, up from 34% the finance ministry.
Beijing's commerce ministry further stated that it would blacklist six American artificial intelligence firms, including Shield AI Inc. and Sierra Nevada Corp.
China further warned that Hollywood's golden ticket into the Asian market could soon become obsolete.
Meanwhile, Trump has faced harsh criticism for his stance.
A host of American financiers and billionaire investors have criticized Trump over the sweeping tariffs he announced last week, calling the measures 'poorly advised' and warning of serious consequences for the US economy.
Even Elon Musk, known to be one of Trump's closest advisors, has slammed the tariffs.
According to reports, even Trump's own net worth has plummeted in the wake of the tariff announcement.