Trump imposes 104% tariffs on 'proud' China
The US has dramatically increased tariffs on all Chinese imports to an astonishing 104%, resulting in an additional loss of $1.
TroibNews 
The United States has significantly increased tariffs on all imports from China to an unprecedented 104%, heightening the ongoing trade dispute and resulting in a loss of around $1.5 trillion in US stock markets on Tuesday.
Initially, China was scheduled to face a 34% tariff increase on Wednesday, as part of President Donald Trump’s so-called “reciprocal” measures aimed at nearly all US trading partners. However, following China's announcement of a matching 34% duty, the US president escalated the overall tariff to 104%.
“After all of the abuses they’ve perpetrated, China is attempting to impose additional unjustified tariffs,” Trump stated during a National Republican Congressional Committee dinner in Washington on Tuesday. “That’s why additional tariffs on Chinese goods are in place, effective midnight tonight at 104 percent. Until they make a deal with us, that’s what it’s going to be.”
The White House released an amendment to an executive order from April 2, through which Trump declared a “national emergency” regarding the US trade deficit and implemented a baseline tariff on all imports. The US administration noted that nearly 70 countries have sought negotiations to alleviate the tariff impact, as Trump aims for “tailored deals” with individual nations.
Trump also mentioned that Beijing would need to “make a deal at some point,” suggesting that “they just don’t know how to get it sorted because they’re proud people.” He further remarked that until an agreement is reached, China “will now pay a big number to our Treasury.”
“Right now, China is paying a 104 percent tariff, think of it… Now, it sounds ridiculous, but they charged us for many items 100 percent, 125 percent,” Trump explained. “They’ve ripped us off left and right. But now it’s our turn to do the ripping.”
China has previously denounced the intensifying trade conflict as a form of “blackmail” and “economic bullying.” A spokesperson for the Commerce Ministry stated on Tuesday that “China will fight till the end if the US side is bent on going down the wrong path.”
This latest escalation has notably influenced US and global stock markets. Major indices such as the S&P 500, Dow Jones, and Nasdaq experienced further declines after a brief rebound earlier in the week, resulting in an estimated $1.5 trillion loss in US markets on Tuesday.
Trump acknowledged that the consequences of his actions were “somewhat explosive,” but defended his approach, asserting that “sometimes you have to mix it up a little bit.” He maintained that the tariffs were essential to counter perceived trade “abuses” and to encourage domestic manufacturing, claiming that the US is currently generating $2 billion a day from the levies.
Sanya Singh for TROIB News
Initially, China was scheduled to face a 34% tariff increase on Wednesday, as part of President Donald Trump’s so-called “reciprocal” measures aimed at nearly all US trading partners. However, following China's announcement of a matching 34% duty, the US president escalated the overall tariff to 104%.
“After all of the abuses they’ve perpetrated, China is attempting to impose additional unjustified tariffs,” Trump stated during a National Republican Congressional Committee dinner in Washington on Tuesday. “That’s why additional tariffs on Chinese goods are in place, effective midnight tonight at 104 percent. Until they make a deal with us, that’s what it’s going to be.”
The White House released an amendment to an executive order from April 2, through which Trump declared a “national emergency” regarding the US trade deficit and implemented a baseline tariff on all imports. The US administration noted that nearly 70 countries have sought negotiations to alleviate the tariff impact, as Trump aims for “tailored deals” with individual nations.
Trump also mentioned that Beijing would need to “make a deal at some point,” suggesting that “they just don’t know how to get it sorted because they’re proud people.” He further remarked that until an agreement is reached, China “will now pay a big number to our Treasury.”
“Right now, China is paying a 104 percent tariff, think of it… Now, it sounds ridiculous, but they charged us for many items 100 percent, 125 percent,” Trump explained. “They’ve ripped us off left and right. But now it’s our turn to do the ripping.”
China has previously denounced the intensifying trade conflict as a form of “blackmail” and “economic bullying.” A spokesperson for the Commerce Ministry stated on Tuesday that “China will fight till the end if the US side is bent on going down the wrong path.”
This latest escalation has notably influenced US and global stock markets. Major indices such as the S&P 500, Dow Jones, and Nasdaq experienced further declines after a brief rebound earlier in the week, resulting in an estimated $1.5 trillion loss in US markets on Tuesday.
Trump acknowledged that the consequences of his actions were “somewhat explosive,” but defended his approach, asserting that “sometimes you have to mix it up a little bit.” He maintained that the tariffs were essential to counter perceived trade “abuses” and to encourage domestic manufacturing, claiming that the US is currently generating $2 billion a day from the levies.
Sanya Singh for TROIB News
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