As of today, the new sweeping tariffs imposed by U.S. President D. Trump on dozens of countries are in full effect, including the 104% tariff on China.
Last Wednesday (May 2), he announced the imposition of tariffs, without exceptions, of at least 10% on all imports to the U.S., with the rate increasing for countries that have trade surpluses with the U.S. The minimum rate (10%) has been in effect since Saturday.
The new U.S. tariffs, which took effect at 07:00, apply to 60 trading partners and range from 11% to 50%. The additional tariffs—20% on European Union member states—have caused stock market indices in Asia to drop again.
The EU is considering imposing tariffs worth €22.1 billion on U.S. products, including soybeans, meat, tobacco, iron, steel, and aluminum.
Specifically for China, the White House released a “modified” presidential executive order, raising Washington’s tariffs on products imported from Beijing to the U.S. from 34% to 84%. These tariffs are in addition to the existing 20%, bringing the total tariff rate for China to 104%.
“China will never accept this,” said a spokesperson for China’s Ministry of Commerce on Tuesday morning, after the country retaliated by increasing tariffs on selected U.S. products by 34%, a measure set to take effect on Thursday.
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