President Trump announced that the U.S. will impose an additional 50% tariff on imports from China if China does not withdraw its plan to impose a 34% import fee on American products. Trump stated that any country retaliating against the U.S. with additional tariffs will face even higher tariffs. The U.S. is set to impose a 34% tariff on Chinese imports on April 9, prompting Beijing to announce a 34% tariff on all U.S. products starting April 10. Economists warn that the escalating trade war could harm economic growth and potentially lead to a recession, as tariffs are typically passed on to consumers in the form of higher prices.
Source: https://www.cbsnews.com/news/trump-tariffs-china-50-percent-tariff-retaliatory/