Trump Tariffs | China Faces 50% Additional Tariffs, EU Faces Tough Stance

A global trade war touched off by U.S. President Donald Trump's sweeping tariffs escalated further on Monday with Trump threatening to increase duties on China and the European Union proposed counter-tariffs of its own. Trump said the tariffs - a minimum of 10% for all U.S. imports, with targeted rates of up to 50% - would help the United States recapture an industrial base that he says has withered over decades of trade liberalization. “We have many, many countries that are coming to negotiate deals with us, and they're going to be fair deals,” Trump said during a bilateral meeting in the Oval Office with Israeli Prime Minister Benjamin Netanyahu on April 7. Trump said he would impose an additional 50% duty on U.S. imports from China on Wednesday (April 8) if it did not withdraw the 34% tariffs it had imposed on U.S. products last week. Those Chinese tariffs had come in response to 34% "reciprocal" duties announced by Trump. The European Commission, meanwhile, proposed counter-tariffs of 25% on a range of U.S. goods, including soybeans, nuts and sausages, though other potential items like bourbon whiskey were left off the list.