After Trump’s decision to increase tariffs created havoc in the global markets, China imposed 84% tariffs on all US imports. This comes after Trump’s decision to increase the import duties to a whopping 104%.
US President Donald Trump announced sweeping tariffs on liberation day, which led to a tiff amongst it’s trading countries. Amongst them was China, who refused to accept the new tariffs. Previously, China accused Trump for his one-sided measures and also requested Tesla and other American Executives to address the situation.
However, after China chose to “fight to the end”, the tariffs escalated to a soaring 104%. China retaliated back by imposing 84% tariffs on all US imports. In one of his Truth Social posts, he called out China for its “ridiculously high” tariffs.
Trump unbothered by the global market crash made a statement in his feisty tone, “These countries are calling us up, kissing my ass.” This statement was made during a Republican dinner, adding more heat to the matter. Trump also said that these tariffs are bringing “almost 2 Billion dollars a day.” Trump criticized old trading policies and blamed the past leaders, he also called out countries for “abusing” the US.
After the decision, the global market crashed. The value of the cryptocurrency also plunged to $77,000, also affecting other major currencies like Ethereum and Cardano.
After China’s new tariffs, the global market has hit again as currencies fall; Hong Kong fell by 3%, Japan’s Nikkei fell by 2.7%. China remained confident that it can stand the pressure.
Canada also imposed tariffs on US auto imports, French President also issued a warning to the US to rethink about the decision. Vietnam issued a 45-day negotiation. Trump’s persistence indicates there will be no change in the sweeping tariffs.