A global trade war touched by U.S. President Donald Trump's sweeping tariffs escalated further on Monday (April 7), as Trump threatened to increase duties on China.
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00:00A global trade war touched by U.S. President Donald Trump's sweeping tariffs escalated
00:07further on Monday, as Trump threatened to increase duties on China.
00:12Trump's advisers said he would be willing to negotiate with countries that are scrambling
00:16to head off tariffs as high as 50 percent, due to take effect on Wednesday.
00:22But the president himself ruled out discussions with Beijing as he ratcheted up a confrontation
00:27with the world's number two economy.
00:57Taylor Chow, who imports Asian staple foods like noodles and soy sauce to sell to retailers
01:13and restaurants, said he expects to raise his prices to match the tariffs.
01:17Soy sauce, noodles, starch, this is a basic consumer product.
01:22Day to day, they use a large volume, but you put up that much tax on it, that will jet
01:35up the price a lot.
01:37Trump said he would impose an additional 50 percent duty on U.S. imports from China on
01:42Wednesday.
01:43If it did not withdraw the 34 percent tariffs it had imposed on U.S. products last week.