Trump upended the world economy last week with sweeping tariffs that have raised fears of an international recession and triggered criticism even from within his own Republican Party.
The US president on Monday chastised China for not heeding “my warning for abusing countries not to retaliate.”
With the incoming 34 percent rate and new 50 percent threat, the total additional tariffs this year could hit 104 percent, the White House told AFP.
Wall Street was wracked by volatility, bouncing into positive territory on hopes of a 90-day pause in tariffs, only to sink lower when those were dashed by the White House.
Trillions of dollars have been wiped off combined stock market valuations in recent sessions.
‘Don’t be weak’
“Be Strong, Courageous, and Patient, and GREATNESS will be the result!”
A 10 percent “baseline” tariff on US imports from around the world took effect Saturday but a slew of countries will be hit by higher duties from Wednesday, with levies of 34 percent for Chinese goods and 20 percent for EU products.
“The root cause of the tariff issue lies in the United States,“ Ling told representatives of US companies on Sunday.
“We must not exclude any option on goods, on services,“ said French Trade Minister Laurent Saint-Martin.
But signs of divergence emerged from Ireland, whose low corporate tax rate has attracted US tech and pharmaceutical companies.
Inflation? Recession?
The 78-year-old Republican believes that the tariffs will revive America’s lost manufacturing base by forcing foreign companies to relocate to US soil, rather than making goods abroad.
JPMorgan Chase CEO Jamie Dimon warned the tariffs “will likely increase inflation,“ in a letter to shareholders.
“The market’s telling you in plain language: global demand is vanishing, and a global recession is on the cards and coming on fast,“ said Stephen Innes at SPI Asset Management.
Benjamin Netanyahu, prime minister of Israel -- hit with 17 percent tariffs, despite being one of Washington’s closest allies -- was due on Monday to become the first leader to meet Trump since last week’s announcement.
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