US President Donald Trump on Monday spoke highly of his relationship with China, just over a day ahead of the deadline of his 50% tariff threat for India ends. The Republican said that the US is going to share a “great relationship” with China, adding that Washington had incredible cards up its sleeve, that if played, would “destroy China”.
“We are going to have a great relationship with China…They have some cards. We have incredible cards, but I don’t want to play those cards. If I play those cards, that would destroy China. I am not going to play those cards” Trump said in an address.
Lee Jae Myung, South Korea’s president, was seated next to the US President when he made the remarks from the Oval Office of the White House.
Trump reportedly hinted at imposing 200% tariffs if China didn’t give the US magnets, which are essential to the automotive, electronics and defense industries. “They have to give us magnets,” Trump said. “If they don’t give us magnets, then we have to charge them (a) 200 percent tariff or something,” news agency AFP quoted Trump.
50% tariff threat on India looms
Donald Trump had threatened 50% tariffs on Indian imports entering the US, and the duties are set to be imposed on August 27. He had attributed the doubling of tariffs to India buying Russian oil.
However, despite China being the biggest buyer of Russian oil, no such moves were made against the country by the US.
“I determine that it is necessary and appropriate to impose an additional ad valorem duty on imports of articles of India, which is directly or indirectly importing Russian Federation oil,” he had said in an executive order.
Reacting to the doubling of duties on its exports to the US, India had hit back, pointing out how it was being punished for “actions that several other countries are also taking in their own national interest”.
Trump recently extended the tariff deadline for China, earlier set to end on August 12, by another 90 days. The US had imposed 20% duties in fentanyl-related tariffs for China, and the base rate stands at 10%, which makes the total tariffs on Chinese imports to be 30%.
Trump’s treasury secretary Scott Bessent had defended the move to not penalise China in this regard, saying the country’s purchase of Russian oil was “suboptimal”.
“China’s importing (Russian oil) is suboptimal. Pre-invasion (of Ukrainian territory by Russia), 13 per cent of China’s oil was already coming from Russia. Now it’s 16 per cent, so China has diversified oil inputs,” Bessent had said,
The top official claimed that India made “huge” profits through the oil trade during and after the war in Ukraine. He said that while India’s trade of Russian oil was less than 1% before, it later rose to 42%.
Half of Trump’s 50% duties for Indian imports came into force earlier this month, and the remaining half are set to be imposed on Wednesday.
