Trump teases hard-hitting tariffs on Chinese goods if he returns to power
File photo of former US president Donald Trump.
Former US president Donald Trump said he would impose tariffs on China again if elected to power in the scheduled November presidential elections. The Republican presidential frontrunner said that the tariffs on China could exceed 60 per cent.
"We have to do it," Trump said in an interview aired on Sunday with the Fox News programme 'Sunday Morning Futures'.
"I mean, look, the stock market almost crashed when it was announced that I won the Iowa primary (sic) in a record."
When Trump was asked about a report that he is considering imposing 60 per cent tariffs on Chinese goods upon potential election, Trump said, "No, I would say maybe it's going to be more than that."
What does it mean?
Trump's statement would indicate thatthe so-called 'chip wars' between Washington and Beijing are set to escalate if he returns to power.The semiconductor chips are increasingly emerging as a crucial aspect of global economy, and have been described as the 'new oil' of the technology age.
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The computing power accessed through microchips, from data centres to smartphones, are required for all parts of the economy.
The US policies in the recent years (both under Trump and Joe Biden)including the geopolitical patronage to self-governed island of Taiwan — which China considers as its own and is world's top manufacturer of semiconductor chips — have been directed to reduce China's access to these crucial elements of global economy.
Trump is the frontrunner for the GOP nomination to challenge Democratic President Joe Biden in the November US election.
Trump imposed tariffs on hundreds of billions of dollars worth of Chinese goods in 2018 and 2019 amid a bitter trade war between the world's two largest economies.
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The Biden administration retained the tariffs and added new restrictions prohibiting the export of advanced semiconductors and the equipment to make them, citing security concerns.
The US trade representative is reportedly conducting a review of the tariffs.
But in the interview, Trump dismissed the notion that he would start another trade war with China.
"It's not a trade war. I did great with China with everything," Trump said in the interview, taped last week.
(With inputs from agencies)