The global economic landscape is bracing for potential upheaval as President Donald Trump declared a striking 155% tariff threat against China, contingent on the failure to secure a trade agreement by November 1st. Addressing the press with Australian Prime Minister Anthony Albanese, Trump emphasized that China has been a significant payer of tariffs and that the U.S. will no longer accept unfavorable trade terms. He is scheduled to meet with Chinese President Xi Jinping in South Korea shortly, anticipating a positive outcome for a new trade deal. Earlier, Trump had indicated on social media his intent to levy an additional 100% tariff and implement export controls on critical software, citing China’s aggressive trade posture. This tariff announcement occurred amidst a significant bilateral agreement between the U.S. and Australia, involving an $8.5 billion deal for critical minerals and defense collaboration. Trump also revealed plans for a visit to China in the near future.
