The United States imposed 104% tariffs on China, which will take effect on April 9.
White House spokeswoman Caroline Leavitt told reporters, Fox News reports.
According to Levitt, since China refused to cancel its counter-duties, the tariff rate for China has increased by 50% from 54% to 104% since noon (19:00 Kyiv time) on Tuesday.
Duties at this rate will be levied starting April 9, the White House spokeswoman added.
As a reminder, Donald Trump first announced the introduction of 54% tariffs on all Chinese imports to the United States, the highest rate among all foreign countries.
In response, China announced that it would impose 34 percent tariffs on all imports from the United States starting April 10. This angered Trump and he said he would impose additional tariffs of 50% against China if it did not reverse its recent tariff measures.
U.S. Treasury Secretary Scott Bessent called the escalation of the tariff war by China a “big mistake.”
This could escalate even further. I doubt the Chinese will ever back down, so the only losers in this stupid tariff war will be consumers as usual.
This news has just caused the Dow to go into the negative again, after being up by 3.5% earlier in the day.
This tit-for-tat is going to be interesting.
If the Chinese don’t back down, the stock markets will crash tomorrow.
I think they won’t.