President Donald Trump has threatened a fresh batch of tariffs on imports from China and countries that impose digital taxes and regulations.
During a press briefing at the White House on Monday, Trump indicated he would set tariffs as high as 200% on imports from China if the country does not agree to ship magnets to the U.S.
The U.S. and China previously agreed to the framework of a deal related to tariffs and other trade matters, the two countries confirmed in June. However, the deal remains subject to final approval by Trump and China President Xi Jinping.
As part of the proposed deal, China agreed to concessions related to the export of magnets and critical minerals to the U.S.
Although a more formal trade agreement has yet to be finalized, the U.S. and China have paused implementation of a series of tit-for-tat tariff hikes since May 14.
During the pause, which was extended to Nov. 10 earlier this month, the U.S. is charging 30% duties on imports from China. Meanwhile, China has set levies on U.S. goods to 10% while removing other retaliatory duties.
Hours after issuing the latest salvo in his trade tussle with China, Trump said he planned to levy "substantial additional Tariffs” on imports from countries that impose taxes and regulations on digital services and markets, per a Truth Social post. The president also said he would install export restrictions on U.S. technology, including semiconductors, for such countries.
Some of the deals the U.S. has reached with trading partners over the last several months have featured terms related to digital trade.
For example, in a deal framework with the European Union, the two sides agreed to “address unjustified digital trade barriers,” among other related provisions. However, the bloc said the deal will have no impact on member states’ digital services taxes and digital regulations, such as the Digital Markets Act and the Digital Services Act, per an Aug. 20 briefing.
