Trump warns China of "a potential" 155% tariff from Nov 1 over trade deal

Washington DC [US], October 21 (ANI): US President Donald Trump on Monday (local time) issued a stern warning to China on the possibility of imposing a steep tariff of up to 155 per cent starting November 1 if a trade deal is not reached between the two countries.
Speaking at the White House during a high-level meeting with Australian Prime Minister Anthony Albanese, Trump, despite the trade tensions between the two nations, stated that Beijing has been "very respectful" of Washington and that they are paying "tremendous amounts of money" on the backs of the 55 per cent tariffs levied on their goods to the US.
"I think China's been very respectful of us. They are paying tremendous amounts of money to us in the form of tariffs. As you know, they are paying 55 per cent; that's a lot of money," Trump said.
The US President also added that many countries had previously taken advantage of the United States but emphasised that such practices were no longer tolerated.
"A lot of countries took advantage of the US and they are not able to take advantage anymore. China's paying 55 per cent and a potential 155 per cent come November 1st unless we make a deal," he said.
Trump further mentioned his upcoming meeting with Chinese President Xi Jinping in South Korea, expressing optimism about their relationship and the possibility of reaching a mutually beneficial trade agreement.
"I am meeting with President Xi. We have a very good relationship; we are going to be meeting in South Korea in a couple of weeks... I think we are going to work out something which is good for both the countries," the US President noted.
Looking ahead to meeting in South Korea with Xi Jinping, Trump emphasised hopes for a fair and mutually beneficial agreement.
"I think when we finish our meetings in South Korea, China and I will have a really fair and really great trade deal together. I want them to buy soybeans... It's going to be fantastic for both countries, and it's going to be fantastic for the entire world," he stated.
His remarks came during his meeting with Australian PM Anthony Albanese at the Oval Office, where both leaders signed a multi-billion dollar agreement on critical minerals and defence cooperation, with Albanese underscoring the scale of the collaboration, stating, "USD 8.5 billion is in the pipeline."
The agreements were the result of months of negotiations and are expected to significantly enhance supply-chain security, energy independence, and military cooperation between the two allies.
Earlier, Trump, in a post on Truth Social, announced an additional 100 per cent tariff on Chinese goods "over and above any tariff that they are currently paying", effective November 1.
The US President noted that the decision was taken after what he described as China taking "an extraordinarily aggressive position on trade" by sending "an extremely hostile letter to the world".
He also said that export controls will be placed on all critical software starting the same day.
"Based on the fact that China has taken this unprecedented position, and speaking only for the USA, and not other Nations who were similarly threatened, starting November 1, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying. Also on November 1, we will impose Export Controls on any and all critical software," his post read.
"It has just been learnt that China has taken an extraordinarily aggressive position on trade in sending an extremely hostile letter to the world, stating that they were going to, effective November 1, 2025, impose large-scale Export Controls on virtually every product they make, and some not even made by them. This affects ALL Countries, without exception, and was obviously a plan devised by them years ago. It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations," it added.
Meanwhile, Trump, during his meeting with the Australian PM, revealed plans to visit China early next year following an invitation from Chinese leadership.
"I've been invited to go to China. And I'm going to be doing that sometime fairly early next year," he said. (ANI)