New U.S. tariffs take effect, with 104% on China imports
China’s retaliatory tariffs of 34 percent on US goods are due to enter in force at 12:01 a.m. local time on Thursday
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China’s retaliatory tariffs of 34 percent on US goods are due to enter in force at 12:01 a.m. local time on Thursday
Share
WASHINGTON, United States (AFP) — US President Donald Trump’s punishing tariffs on dozens of economies came into force Wednesday, including over 100 percent in levies against Chinese goods, sending markets into a tailspin again as the devastating global trade war intensified.
Following the sweeping 10 percent tariffs that took effect over the weekend, rates on imports to the United States from exporters like the European Union or Japan rose further at 12.01 a.m. Wednesday.
China — Washington’s top economic rival but also a major trading partner — is the hardest hit, with tariffs imposed on its products since Trump returned to the White House now reaching a staggering 104 percent.
Trump said Tuesday his government was working on “tailored deals” with trading partners, with the White House saying it would prioritize allies like Japan and South Korea.
His top trade official Jamieson Greer also told the Senate that Argentina, Vietnam and Israel were among those who had offered to reduce their tariffs.
Trump told a dinner with fellow Republicans on Tuesday night that countries were “dying” to make a deal.
“I’m telling you, these countries are calling us up kissing my ass,” he said.
But Beijing has shown no signs of standing down, vowing to fight a trade war “to the end” and promising countermeasures to defend its interests.
China’s retaliatory tariffs of 34 percent on US goods are due to enter in force at 12:01 a.m. local time on Thursday.
The US president believes his policy will revive America’s lost manufacturing base by forcing companies to relocate to the United States.
