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US President Donald Trump has said he is considering imposing a 10% tax on Chinese imports as soon as February 1.
Trump said discussions with his administration “were based on the fact that they were shipping fentanyl to Mexico and Canada.”
It followed Trump’s threats to import tax of 25% in Mexico and Canada, accusing them of allowing illegal immigrants and drugs into the US.
At a press conference in Washington on Tuesday, Trump also vowed to hit the European Union with tariffs.
“China is brutal, but the European Union is even worse for us,” he said.
“They treat us very badly. So they’ve been going into tariffs. It’s the only way you can get back. It’s the only way you can get justice.”
After being sworn in on Monday, the new president also instructed federal agencies to review existing trade practices and identify inappropriate practices by US trade partners.
Meanwhile, a Chinese official spoke out against protectionism at the World Economic Forum in Davos.
China’s Vice Premier, Ding Xuexiang, called for ways to resolve trade disputes without mentioning the US.
On the campaign trail Trump promised to impose tariffs of up to 60% on Chinese goods.
Canadian Prime Minister Justin Trudeau has promised to deal with it.
“If it is [US] The president decides to go ahead with tariffs, Canada will respond – and everything is on the table,” Trudeau said.
Ottawa is planning a tax hike in response to the threat, said to be worth billions of dollars.
Canada, China and Mexico are the largest trading partners of the US.
Taxes are a key part of Trump’s economic plan. The president believes he can boost growth, protect jobs and raise tax revenue.
But many economists say that could lead to higher prices for Americans and hurt companies that have been hit by foreign retaliation.
