The United States announced Tuesday that 104% tariffs on Chinese goods will go into effect just after midnight, despite the Trump administration’s swift efforts to begin negotiations with other trade partners that are the focus of President Donald Trump’s comprehensive tariff plan.
On the announcement, U.S. stocks fell. In the past, international markets had gained on expectations that Trump would be open to lowering the numerous trade restrictions he is imposing on different nations and products in the world’s biggest consumer market.
Giorgia Meloni, the prime minister of Italy, is set to come next week, and the administration has planned meetings with South Korea and Japan, two strong allies and significant commercial partners. However, the White House clarified that as scheduled, country-specific tariffs of up to 50% would go into effect at 12:01 a.m. Eastern Time (0401 GMT).
Since Trump increased import charges to 104% in response to counter-tariffs Beijing imposed last week, those tariffs will be exceptionally high for China. China has promised to “fight to the end” and has refused to give in to what it calls “blackmail”. Administration officials stated that negotiations with the world’s second-largest economy will not be prioritised.
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