China announced on Wednesday that it would be increasing its reciprocal tariffs on U.S. goods. The tariffs will now stand at 84%, a significant jump from the previous rate of 34%. This decision was conveyed by the state-run CCTV news agency.
This move by China was in response to President Donald Trump’s implementation of additional tariffs on Chinese products. With these new tariffs in place, the total rate of tariffs on Chinese goods has reached 104%.
The new tariffs went into effect at 12:01 a.m. on Wednesday, one week after Trump first unveiled his “Liberation Day” tariff plan.
In addition to the steep levy imposed on Chinese, the U.S. is slapping tariffs on imports from dozens of other countries, including:
– 46% on Vietnam
– 32% on Taiwan
– 25% on South Korea
– 24% on Japan
– 20% on European Union countries
Initially, under President Trump’s strategy, the tariff on Chinese imports was set at 34%. Combined with an existing 20% tariff on Chinese goods, the total tariff stood at 54%. Following China’s announcement of retaliatory actions, the U.S. government declared its decision to further raise the overall tariff on Chinese imports by an additional 50%, culminating in a total tariff rate of 104%.
The first phase of Trump’s tariff plan – baseline 10% tariffs on imports from nearly all U.S. trading partners — went into effect early Saturday.
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