US President Donald Trump called his global tariff policy a “war with the world,” at the Republican dinner held in Washington on Tuesday. However, he quickly changed course, saying it wasn’t a war at all, pointing to many countries now sending their leaders to the US to talk trade. Trump said Japan was already on its way and called them “tough negotiators.”
‘China manipulating currency as an offset’, says Trump
As talks continue, the Trump administration is preparing to hit China with a massive 104% tariff on all Chinese imports within hours. This marks a sharp escalation in the trade conflict, with dozens of other countries and the European Union also facing new tariffs ranging from 11% to 50% by midnight.
China, meanwhile, has promised to “fight to the end” and stand firm against US pressure. Trump on Tuesday accused China of manipulating its currency to soften the blow of these tariffs. “You got to hand it to them. They’re manipulating their currency today as an offset,” he said.
‘Major tariff’ on pharmaceuticals soon
Trump also announced that the US will soon introduce “major tariff” on pharmaceuticals. Speaking at the Republican dinner, he said that the move will push pharmaceutical companies in China to shift their operations to the US.
‘Trump has a spine of steel’: White House Press Secretary Karoline Levitt
White House Press Secretary Karoline Leavitt confirmed in a press briefing on Tuesday that the 104% tariff will take effect on Wednesday. This move adds to the earlier 34% increase under Trump’s “reciprocal” tariff plan. When China refused to cancel its planned 34% retaliatory tariffs on US goods by Tuesday noon, Trump added another 50% tariff hike, bringing the total to 84% on top of the existing duties.
Leavitt also claimed China wants a deal but doesn’t know how to make one. However, she did not say what kind of terms the president might accept to lower the tariffs.
Leavitt further made an announcement for other countries saying that they need to bring their best and Trump will ultimately listen. “Deals will only be made if they benefit American workers,” she said.
She also added that around 70 other nations have already approached the White House to start the negotiations over tariff rates. She said that they might lower their rates in exchange for concessions that the President deems fit for the US.
“On the other hand, countries like China, who have chosen to retaliate, and try to double down on their mistreatment of American workers are making a mistake,” Leavitt said.
Leavitt said that for America to be strong, it cannot depend on foreign countries for food, machines and minerals. She added that Trump has “spine of steel and it will not break”.
