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Donald Trump hits China with 104% tariffs amid ongoing trade tensions.
White House press secretary on Tuesday said 104 per cent tariffs went into effect on China and that the additional tariff will be collected starting April 9, a Fox business reporter said.
According to Fox Business reporter Edward Lawrence, White House Press Secretary said, “104% additional tariffs went into effect at noon eastern time because China has not removed it’s retaliation. The 104% additional tariff will be collected starting tomorrow April 9th.”
The development comes after US President Donald Trump announced on Tuesday that he was awaiting a response from China before implementing duties exceeding 100 per cent, however, other officials in his administration had stated that China will not be prioritized in upcoming trade negotiations.
Following Donald Trump’s tariff announcements on April 2, global markets showed signs of recovery after enduring a sharp decline, largely driven by concerns of a potential recession and a disruption of the global trading system. US stocks experienced gains after a severe selloff that had wiped out trillions of dollars since the previous week.
Donald Trump has already imposed a 10 per cent tariff on nearly all imports into the US, and further targeted tariffs, which could reach up to 50 per cent on many trading partners, are set to take effect on Wednesday, April 9.
China, however, had refused to back down from what it calls “blackmail,” vowing to “fight to the end” after Trump threatened to escalate tariffs to as high as 104 per cent in retaliation for China’s reciprocal tariffs announced last week.
Despite tensions, Donald Trump suggested a resolution could still be possible. “China also wants to make a deal, badly, but they don’t know how to get it started. We are waiting for their call. It will happen!” he wrote on social media.
US President Donald Trump reportedly spent the final hours before his sweeping tariff were set for full implementation lining up negotiations with key US allies, however, hopes for striking a last-minute deal with China appeared distant.