China vowed to “fight to the end” and warned of further retaliation after President Donald Trump threatened additional 50% tariffs on the world’s second-largest economy.
Trump said that if Beijing doesn’t withdraw its retaliatory 34% tariffs on U.S. goods by Tuesday, he would add another 50% onto the original 34% levies he unveiled on Chinese goods last week. Trump’s reciprocal tariffs are set to take effect Wednesday, while Beijing’s countermeasures are slated for Thursday.
But China’s commerce ministry made it clear that the country is in no mood to back down.
“The U.S. threat to escalate tariffs on China is a mistake on top of a mistake, which once again exposes the U.S.’s blackmail nature,” it said in a statement. “If the U.S. insists on its own way, China will fight to the end.”
In contrast, the European Union is “ready to negotiate” with the U.S., European Commission President Ursula von der Leyen said Monday. “Indeed, we have offered zero-for-zero tariffs for industrial goods, as we have successfully done with many other trading partners, because Europe is always ready for a good deal so we keep it on the table.
However, Trump said the offer wasn’t enough.
Von der Leyen added that the bloc was also prepared to respond with countermeasures and defend its interests. The EU is indeed planning retaliatory tariffs on hundreds of American products, including Harley-Davidson motorcycles, boats, beef and peanut butter, The Wall Street Journal reported citing a document.
