A significant trade confrontation looms as President Donald Trump declared he would slap 155% tariffs on Chinese imports unless a satisfactory trade agreement is reached with Beijing. This ultimatum was delivered just before Trump is scheduled to meet with Chinese President Xi Jinping at the Asia Pacific Economic Cooperation summit later this month. Trump, speaking after finalizing a critical minerals pact with Australian leader Anthony Albanese, pointed out that China is already subject to considerable tariffs. ‘China’s paying 55 percent and a potential 155 percent come November 1 unless we make a deal,’ Trump stated. He underscored a shift in US trade policy, asserting that countries previously exploiting the US are now entering into equitable agreements. The President expressed confidence in negotiating a just trade deal with Xi, describing the anticipated meeting as ‘very exciting.’ The global economic landscape could be profoundly affected by the outcome of these discussions, with heightened trade tensions a distinct possibility if an accord isn’t forged. While the meeting is confirmed, China’s official confirmation of President Xi’s participation in the APEC summit remains pending. Previously, Trump had signaled intentions for a 100% tariff on Chinese products and stringent export controls on vital software, layering on top of existing 55% tariffs. He maintained that China has been paying ‘an unbelievable amount of money’ and that while tariff reductions are possible, China must offer concessions in return. Trump firmly stated that the era of one-sided trade benefits for China is over.
