US President Donald Trump says he will impose additional tariffs on China, from Tuesday, if Beijing does not withdraw its 34% retaliatory tariffs on the US.
The additional tariffs on Beijing would be of 50%, Trump says.
As a reminder, China announced on Friday that it would be imposing such tariffs on Washington after the White House said that from 9 April it’d put 34% levies on all goods from Beijing.
You’re missing one very crucial part of this equation: BRICS. China has been spending the last 20 years cultivating these relationships.
BRICS is currently a more powerful, more influential, and more wealthy trading bloc than the G7. IIRC BRICS is about 35% of global GDP, and G7 is 25%.
If the US stops buying Chinese products they can simply sell them somewhere else.
They can definitely sell them elsewhere, and if companies threaten to abandon ship, while I am just hypothesizing here, China likely has a legal way to seize the factories to prevent the loss of productive capacity.