China’s finance ministry has announced a sharp escalation in trade tensions with the United States, raising tariffs on all US goods to 84%, effective Thursday, April 10 at 12:01 a.m. CST (04:00 BST). This move follows the previous announcement of a 34% tariff just days earlier.
The decision comes in direct response to US President Donald Trump’s imposition of 104% tariffs on Chinese imports. Trump has framed his aggressive tariff regime as a move to restore fairness in global trade, citing years of economic exploitation by what he termed “tariff abuser” nations.
China’s Ministry of Commerce accused the United States of “arrogant and bullying behaviour,” stating the latest increase reflects a “fight to the end” stance.
China’s Tit-for-Tat Tariff Escalation
Last week, China imposed a 34% tariff on US imports and announced export controls on rare earth minerals.
In retaliation, Trump levied an additional 50% tariff on Chinese goods, raising total US tariffs on Chinese imports to 104%
Trump’s new reciprocal tariff policy, unveiled on April 2, proposes that the US will charge approximately half the rate of any tariff imposed by other countries. This move came alongside a declaration of national emergency due to “persistent trade deficits” and resulted in a baseline 10% tariff on all imports into the US. China’s effective tariff burden, including that baseline, had reached 54% before this week’s additional 50% was added specifically for China.
Trump’s Tariffs effect on Market
Financial markets quickly reflected the strain of the worsening trade war. Major US indexes dipped over 1% on Wednesday, with e-mini futures for the Dow, S&P 500, and Nasdaq falling following China’s announcement. Global markets also slumped, with analysts calling this trade standoff the most significant disruption to international commerce since the 1930s.
Speaking to Fox News, US Treasury Secretary Scott Bessent criticized China’s refusal to enter talks, stating, “This escalation is a loser for them.” He added in a separate interview with Fox Business Network that China remains “one of the worst offenders in the international trading system.” When asked if Chinese firms might be removed from US stock exchanges, Bessent responded, “Everything is on the table.”
Despite the tensions, President Trump appeared to leave the door open for reconciliation. Posting on his social platform, Truth Social, he said, “China also wants to make a deal, badly, but they don’t know how to get it started. We are waiting for their call.”
According to the Office of the U.S. Trade Representative, the United States exported $143.5 billion in goods to China in 2024, while importing $438.9 billion worth of goods. As tit-for-tat tariffs continue, economists warn that trade between the world’s two largest economies could soon grind to a halt, sending shockwaves through global supply chains and economic systems.
You can also connect with us via email for any personal queries or suggestions.
contact us: https://theeasterntimes.com/contact-us/
connect us through X: https://x.com/times_555
Also read: https://theeasterntimes.com/workout-without-gym-no-equipment-workouts/
10 Best No-Equipment Home Workouts to Get Fit Without the Gym
Leave a Reply