Trump’s Tariff War Escalates: US Slaps 104% Tax on Chinese Goods - Report

On Friday, the Chinese State Council announced that China would impose additional tariffs of 34% on all goods imported from the United States. In response, Trump stated on Monday that he would increase tariffs on Chinese imports by 50%, effective April 9, unless Beijing rescinds its retaliatory tariffs by Tuesday.

On April 2, Trump signed an executive order imposing reciprocal tariffs on US trade partners, which includes a 34% tariff on China, a 20% tariff on the European Union, and 24% on Japanese imports. Trump also signed an executive order imposing 25% tariffs on foreign-made cars, light trucks, and auto parts, saying that such a measure was necessary to protect "national security."