Tit-for-tat Tariffs Between U.S. and China Skyrocket to 145%
The escalating trade war between the United States and China has reached unprecedented levels, with tariffs on each other’s goods rising rapidly. The situation has spiraled out of control since last week, starting with the Trump administration imposing a 20% tariff on Chinese goods due to their involvement in the fentanyl trade.
Following this, President Trump announced a 34% tariff on Chinese goods on April 2nd, and China retaliated with the same tariff on U.S. goods on April 4th. Trump then threatened to impose a 50% tariff, which he ultimately did, bringing the total U.S. tariff on Chinese goods to 145%.
China has matched these tariff increases, raising their tariffs on U.S. goods to 125%. Economists and experts warn that further tariff hikes will make trade between the two countries impractical. In response to the latest tariff increase, the Chinese government stated that U.S. exports to China are no longer financially viable at current tariff levels, and they will not respond to any additional U.S. tariff hikes on Chinese goods.
The rapidly escalating tariffs have created uncertainty in global markets and could lead to negative consequences for the economies of both countries. The ongoing trade war between the U.S. and China shows no sign of abating, raising concerns about the impact on businesses and consumers in both countries.
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