US-China Trade tensions have taken a new turn after the White House announced a 104% tariff for certain Chinese imports. This has escalated an already volatile trade standoff.
Fox Business Reporter Edward Lawrence reported that White House Press secretary Karine Jean Pierre announced the new tariff measures will take effect on Monday, April 9 at 12 noon Eastern Time after China refused its retaliatory duties against American products.
Jean-Pierre, who is a staunch defender of Washington, said that the 104% tariff would be charged starting on April 9.
The White House press secretary said that 104% more tariffs were imposed at 12 noon Eastern time, because China had not lifted its retaliation. Starting tomorrow, April 9, the 104% tariff will begin to be charged. #trade #Tariffs #POTUS #china
The dramatic increase in tariffs follows President Donald Trump’s threat last week to introduce punitive actions if Beijing didn’t remove the 34% of retaliatory duties.
The US increased duties after China refused to budge, escalating the conflict in the market and causing further shockwaves.
This announcement came shortly after Trump indicated he would wait for China’s response before taking any drastic measures.
Trump may have left the door wide open to negotiations but administration officials were clear in stating that China was not a priority in any future trade discussions, highlighting a shift in US strategy.
After Trump’s first tariff announcement, the global market saw a small recovery following a sharp sell-off which erased trillions in value during the week prior.
Brent crude prices plunge sharply after news that China will be subject to 104% of tariffs. Markets also fall during the White House Press Secretary’s address.
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US stocks recovered some of their losses, but analysts warned that an escalating conflict in trade could cause renewed volatility and hurt investor confidence, slowing down the global economy.
This new tariff of 104% is a significant increase in existing barriers. Trump previously imposed a tariff of 10% on almost all US imports. Additional duties, potentially reaching up to 50%, are set to be rolled out starting April 9 against multiple trading partner.
Business groups and economists are concerned about the rising cost of Chinese products and American goods for American companies and consumers.
Beijing refused to capitulate
Chinese officials called Washington’s recent actions “blackmail”, and pledged to fight “to the end” for their interests.
China’s government has stressed its willingness to take countermeasures, if needed. This is fueling concerns about a global trade war.
Trump suggested that despite his harsh rhetoric there could be an agreement.
“China wants to do a deal badly too, but doesn’t know where to start.” “We are waiting for [them],” said the president, suggesting diplomacy is still a viable option for the future–albeit one that seems far away for now.
Facebook and Telegram@PressSec : “It is a mistake that China retaliated. President Trump is a man who will not back down when America gets punched. The 104% tariffs on China will go into effect tonight… If China wants to reach out and make a bargain, he’ll be extremely gracious .”
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Beijing is now the focus of attention as tensions rise.
This latest escalated trade war could have long-lasting effects not just on US-China relations, but on the global economy as a whole.
The post US confirms 104% Tariffs on Chinese Imports Effective April 9 may change as new information becomes available.
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