Trump gives China one day to end retaliations or face extra 50% tariffs
Tech companies' worst nightmare ahead of Donald Trump's election has already come true, as the US and China are now fully engaged in a tit-for-tat trade war, where China claims it expects to be better positioned to withstand US blows long-term.
Trump has claimed that Americans must take their "medicine," bearing any pains from tariffs while waiting for supposed long-term gains from potentially pressuring China-and every other country, including islands of penguins-into a more favorable trade deal. On Monday, tech companies across the US likely winced when Trump threatened to heap "additional" 50 percent tariffs on China, after China announced retaliatory 34 percent tariffs on US imports and restricted US access to rare earth metals.
Posting on Truth Social, Trump gave China one day to withdraw tariffs to avoid higher US tariffs.