China raises tariffs on US goods from 84% to 125%
China increased tariffs on American goods to 125% overnight Friday as the White House clarified a 145% tax on Chinese imports.
China increased tariffs on American goods to 125% overnight Friday as the White House clarified a 145% tax on Chinese imports.
China increased tariffs on American goods to 125% overnight Friday as the White House clarified a 145% tax on Chinese imports.
China raised tariffs on U.S. goods to 125%, up from 84% just a day ago, as the U.S. global trade war intensifies.
The move came shortly after the White House clarified that import taxes on China are actually 145%, . The additional 20% accounts for tariffs previously placed on China for its role in trafficking fentanyl chemicals.
The news sent markets on another downward spiral, losing a chunk of historic gains made the day before. Cabinet members backed Trump Thursday, saying the tariffs are working according to plan and forcing more countries to negotiate with the U.S.
"They have come with offers that they never, ever, ever would've come with but for the moves that the president has made demanding that people treat the United States with respect," Commerce Secretary Howard Lutnick said.
Trump also stood by the tariffs but acknowledged potential "transition difficulties" in the future.
"We think we're in very good shape. We think we're doing very well," Trump said. "There'll be a transition cost and transition problems, but in the end, it's going to be a beautiful thing."
Meanwhile, Trump expressed his respect for China's president and said he hopes they reach a deal together soon. China's newly announced tariffs take effect Saturday.