WASHINGTON -- U.S. President Donald Trump upped the ante in his trade war with China Monday, threatening to slap an additional 50% tariff if Beijing does not reverse its decision to take retaliatory action against his proposed reciprocal tariffs.
The 50% will be an addition to the 34% reciprocal tariffs announced last week, as well as the 20% tariff Trump has imposed to halt the flow of fentanyl. This comes on top of the Section 301 duties on specific goods in place since Trump's first term, which average around 18%. This puts the total tariff rate above 120%.
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