Trump Warns China of 155% Tariffs if No Trade Deal by Nov 1
The President added that many countries had previously taken advantage of the US but emphasised that such practices were no longer tolerated
Washington DC: US President Donald Trump on Monday (local time) issued a stern warning to China, threatening to impose steep tariffs of up to 155 per cent starting November 1 if a trade deal is not reached between the two countries.
Speaking at the White House during a high-level meeting with Australian Prime Minister Anthony Albanese, Trump said Beijing has been "very respectful" toward Washington and is paying "tremendous amounts of money" through existing 55 per cent tariffs on Chinese goods imported to the US.
"I think China's been very respectful of us. They are paying tremendous amounts of money to us in the form of tariffs. As you know, they are paying 55 per cent; that's a lot of money," Trump said.
The President added that many countries had previously taken advantage of the US but emphasised that such practices were no longer tolerated. "A lot of countries took advantage of the US and they are not able to take advantage anymore. China's paying 55 per cent and a potential 155 per cent come November 1st unless we make a deal," he said.
Trump also mentioned his upcoming meeting with Chinese President Xi Jinping in South Korea, expressing optimism about their relationship and the possibility of reaching a mutually beneficial agreement.
"I am meeting with President Xi. We have a very good relationship; we are going to be meeting in South Korea in a couple of weeks... I think we are going to work out something which is good for both the countries," Trump noted.
He added that the meeting could lead to a fair and strong trade deal. "I think when we finish our meetings in South Korea, China and I will have a really fair and really great trade deal together. I want them to buy soybeans... It's going to be fantastic for both countries, and it's going to be fantastic for the entire world," he said.
His remarks came during his meeting with Australian PM Anthony Albanese at the Oval Office, where both leaders signed a multi-billion dollar agreement on critical minerals and defence cooperation. Albanese highlighted the scale of collaboration, noting that "USD 8.5 billion is in the pipeline."
The agreements, which took months of negotiations, aim to strengthen supply-chain security, energy independence, and military cooperation between the two allies.
Earlier, Trump announced on Truth Social an additional 100 per cent tariff on Chinese goods "over and above any tariff that they are currently paying," effective November 1.
He said the move was in response to what he called China’s "extraordinarily aggressive position on trade" and an "extremely hostile letter to the world." Trump added that export controls will also be placed on all critical software starting the same day.
Meanwhile, Trump revealed plans to visit China early next year following an invitation from the Chinese leadership. "I've been invited to go to China. And I'm going to be doing that sometime fairly early next year," he said.
