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Global tariff war: Key developments Global tariff war: Key developments
(about 11 hours later)
Washington has increased tariffs on Chinese goods to 125% in tit-for-tat escalation with Beijing Washington has paused nearly all reciprocal tariffs for 90 days, excluding China, which now faces steep 125% tariffs
US President Donald Trump has upped the stakes in the escalating trade war with Beijing on Wednesday by raising the tariffs on Chinese goods to 125%. US President Donald Trump announced on Wednesday a 90-day pause on reciprocal tariffs for 75 countries, lowering them to 10%.
The move came in response to Beijing’s promise to increase duties on American products to 84% earlier in the day, in retaliation to the previous US hike. At the same time, Trump escalated the trade war with Beijing by raising tariffs on Chinese goods to 125%, up from the previous 104%. The increase came in response to China’s earlier tariff hike on American products to 84%, in response to Washington’s previous round of increases.
Analysts have warned that the deepening trade tensions between the world’s two largest economies could spark a global recession. “Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China... At some point... China will realize that the days of ripping off the US, and other Countries, is no longer sustainable or acceptable,” Trump wrote in a post on social media.
The 10% baseline tariff also excludes Mexico and Canada, according to US media, citing White House officials. Car manufacturers and steel and aluminum producers in both countries will continue to face the 25% tariffs imposed earlier by the Trump administration.