BEIJING (dpa-AFX) - China now faces a tariff of up to 245 percent as a result of its retaliatory measures, the White House stated.
'On Day One, President Trump initiated his America First Trade Policy to make America's economy great again,' it said in a fact sheet released late Tuesday.
'On Liberation Day, President Trump imposed a 10% tariff on all countries and individualized reciprocal higher tariffs on nations with which the U.S. has the largest trade deficits in order to level the playing field and protect America's national security,' it added.
More than 75 countries have already reached out to discuss new trade deals, according to the White House.
As a result, the individualized higher tariffs are currently paused amid these discussions, except for China, which retaliated with counter tariffs.
'China faces up to a 245 percent tariff on imports to the United States as a result of its retaliatory actions,' the White House said.
The new tariff comprises 'A 125 percent reciprocal tariff, a 20 percent tariff to address the fentanyl crisis, and Section 301 tariffs on specific goods, between 7.5 percent and 100 percent.'
In the first part of the fact sheet, the White House notes, 'Foreign producers have engaged in price manipulation, overcapacity, and arbitrary export restrictions, using their supply chain dominance as a tool for geopolitical and economic leverage over the United States'.
It says that a few months ago, China banned exports to the United States of gallium, germanium, antimony, and other key high-tech materials with potential military applications.
'Just this week, China suspended exports of six heavy rare earth metals, as well as rare earth magnets, in order to choke off supplies of components central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world'.
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