The White House said China is now facing up to a 245 percent tariff on imports to the U.S. “as a result of its retaliatory actions,” another escalation in a trade war between the world’s two largest economies.

The top potential tariff is higher than the previously stated 145 percent and was referenced in a fact sheet published by the White House late on Tuesday.

It accompanied an executive order signed by President Donald Trump that launched an investigation into the “national security risks posed by U.S. reliance on imported processed critical minerals and their derivative products.”

  • Cowbee [he/they]@lemmy.ml
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    7 days ago

    Will probably see further movements from the PRC to sell off US treasury bonds and shifting more away from the dollar in general, along with tighter export restrictions on rare Earth. China already said they won’t keep increasing tariffs, but they seem dedicated to not backing down, and they have the Material means to actually resist US trade aggression.

    What would be incredibly based is if the PRC starts paying off loans in Africa with its dollars, decoupling the Global South from the US even further. Gets rid of dollars and debt in the Global South, potentially freeing up new customers for goods produced in China and strengthening ties.

      • hitmyspot@aussie.zone
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        5 days ago

        Here in Australia, my kids learn mandarin in primary school. It’s our biggest trading partner and there is a high number of Chinese immigrants here. No different to learning Spanish in American schools.

      • Cowbee [he/they]@lemmy.ml
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        7 days ago

        Learning Mandarin would be a good thing, but westerners will be able to keep English as the lingua franca. I do predict a large increase in western consumption of Chinese media though, which seems to already be starting.