look news india
An important news has come out between the ongoing tariff war between the US and China. The US has once again dropped a tariff bomb on China. A document issued by the White House states that China will now face up to 245 percent tariffs due to “retaliation” against the US.
This information came to light when US President Donald Trump signed an executive order to investigate the national security risks arising out of the US dependence on imported minerals and the products made from them.
The document cites Trump’s claim that “excessive dependence on foreign important minerals” and their low-quality products may threaten the US defense capabilities, development of infrastructure and technological innovation. It states that Trump has imposed 10 percent tariff on all countries and in return has put more tariffs on countries with the biggest trade deficit of America.
The White House said the high tariffs have been stopped at the moment as more than 75 countries have agreed to discuss trade. However, the report states that China has retaliated against American action and hence “it will have to bear a tariff of up to 245 percent on imports in the US as a result of its retaliation.”
A few months ago, China banned the export of Gallium, Germanium, Antimony, and other major high-technical materials to the US, which was a possible use in the US military. This week it also banned the export of six extremely rare metals. The White House claimed that the purpose of such action is “preventing the supply of important components to auto manufacturers, aerospace manufacturers, semiconductor companies and military contractors”.