Tariffs on China Set to rise to at least 104% on Wednesday, White House says
President Donald Trump is set to impose a significant tariff increase on Chinese imports, raising levies to at least 104%, according to White House Press Secretary Karoline Leavitt. This increase is part of Trump’s ongoing tariff strategy and will take effect on Wednesday, marking a further escalation in the ongoing trade war between the U.S. and China.
Previously, China was already facing a 34% tariff increase. However, Trump has decided to tack on an additional 50% following China’s refusal to back down on retaliatory tariffs against U.S. goods. The total impact on Chinese goods will now include an 84% tariff on top of the existing duties.
In response, China’s Commerce Ministry expressed strong opposition to the tariff hikes, calling them “a mistake upon a mistake” and vowed to escalate retaliation efforts.
The news of the tariff hike sent U.S. stock markets lower, with the Dow falling 320 points, the S&P 500 losing 1.57%, and the Nasdaq Composite dropping 2.15%.
In addition to the tariff hike on Chinese goods, Trump signed an executive order to triple tariffs on goods valued under $800 from China. This change, set to begin on May 2, 2025, will directly affect American consumers purchasing from Chinese e-commerce platforms like Shein, Temu, and AliExpress.
The tariff increases come as China remains the U.S.’s second-largest source of imports. The U.S. imported $439 billion worth of goods from China in the past year while exporting $144 billion in return.
This move is expected to further strain U.S.-China relations and escalate global market uncertainty.
Credit: CNN
