Donald Trump’s 104% Tariffs on China and Other Measures Against ‘Worst Offenders’ Go Into Effect This Morning | US News
Donald Trump’s trade tariffs targeting what he deems “the worst offenders” will be implemented at 5am UK time, with China bearing the brunt of the significant charges.
Chinese imports will be subjected to 104% tariffs, marking a major escalation in trade tensions between the leading global powers.
During a press briefing on Tuesday, White House spokesperson Karoline Leavitt stated that Donald Trump is convinced that China desires to reach an agreement with the US, adding that “retaliation from China was a mistake.”
“When America strikes, he retaliates even stronger.”
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White House announces 104% tariff on China
Following Mr. Trump’s announcement of substantial tariffs on imports from China last week, which included a 34% tariff on certain goods, Chinese officials retaliated with corresponding measures.
The US president subsequently increased the levy on China by an additional 50%, raising the total to 104% unless the country rescinded its 34% retaliatory tariff.
In response, China’s commerce ministry asserted that it would “fight to the end”, while its foreign ministry accused the US of “economic bullying” and “destabilizing” global economies.
Tariffs on ‘worst offenders’ also take effect
In addition to the 104% tariff on China, approximately 60 countries identified by the US president as “the worst offenders” will also experience new levies starting today.
The EU will face 20% tariffs, while nations like Vietnam and Cambodia will encounter rates of 46% and 49%, respectively.
The UK is not part of this list and will instead observe a “baseline” worldwide 10% tariff on imported goods effective from last Saturday.
Over the weekend, Sir Keir Starmer assured that the government is prepared to “shield British businesses from the storm”.
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What’s going on with the US and China?
Since the introduction of tariffs last Wednesday, global stock markets have faced severe declines, with all three major US indexes reporting four consecutive days of losses.
By the end of trading on Tuesday, the S&P 500 had dropped 1.49%, the Nasdaq Composite decreased by 2.15%, and the Dow Jones Industrial Average fell by 0.84%.
Data from LSEG indicates that S&P 500 companies have seen a staggering $5.8tn (£4.5tn) loss in market value since last Wednesday, marking the most significant four-day decline since the index’s inception in the 1950s.
Global stock markets have been shaken since Trump’s tariff announcement last week. Pic: AP
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What could be China’s next move as Trump’s tariff war intensifies
Chancellor to hold discussions on tariff crisis with key City executives
Trump signs orders for coal industry
Additionally, the US president has signed four executive orders aimed at enhancing American coal mining and production.
The directives include:
• keeping some coal plants previously slated for closure operational;
• directing the interior secretary to formally recognize the end of an Obama-era moratorium that halted coal leasing on federal lands;
• mandating federal agencies to revoke policies that aim to reduce the US’s reliance on coal production; and
• instructing the Department of Energy and other federal agencies to evaluate how coal energy can satisfy the increasing demand from artificial intelligence.
Read more:
The pros and cons of Trump’s coal initiatives
During a White House ceremony, Mr. Trump stated that the orders terminate his predecessor Joe Biden’s “war on beautiful clean coal,” assuring that miners “will return to work.”
