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Global tariff war: Key developments Global tariff war: Key developments
(1 day later)
Washington has paused nearly all reciprocal tariffs for 90 days, excluding China, which now faces steep 125% tariffs China has hit back at the US, raising retaliatory import tariffs to 125%
US President Donald Trump announced on Wednesday a 90-day pause on reciprocal tariffs for 75 countries, lowering them to 10%. China has announced that it will raise retaliatory tariffs on select US imports from 84% to 125%, further intensifying the trade dispute between the world’s two largest economies. The move, detailed in a statement from Beijing’s State Council Tariff Commission, comes in direct response to Washington’s latest increase.
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. US President Donald Trump had recently declared a 90-day suspension of reciprocal tariffs on imports from 75 countries, lowering them to 10%, while simultaneously raising duties on Chinese goods from 104% to 125%.
“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. Beijing’s earlier decision to increase tariffs to 84% was itself a response to prior US measures, setting off the latest round of tit-for-tat escalation in the spiraling tariff war.
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.