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2w ago

Trump Escalates China Tariffs to 145% as Global Trade Tensions Deepen

The U.S. president's 90-day tariff pause for 60 countries is overshadowed by a sharp rise in levies on Chinese imports, fueling market volatility and economic uncertainty.

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Economists expected that inflation would slow to 2.6% annually, as measured by the Consumer Price Index.
Flags are seen outside the Association of Southeast Asian Nations (ASEAN) secretariat building, ahead of the ASEAN leaders' meeting in Jakarta, Indonesia, April 23, 2021. REUTERS/Willy Kurniawan/File Photo

Overview

  • The White House confirmed U.S. tariffs on Chinese goods have been raised to 145%, following China's retaliatory 84% tariffs on American imports.
  • A 90-day pause on tariffs for nearly 60 countries led to temporary market rallies, but investor confidence has since eroded as trade tensions with China escalate.
  • Baseline tariffs of 10% on most imports and 25% duties on autos, steel, and aluminum remain in place, contributing to inflation risks and higher consumer costs.
  • Experts warn that the tariff hikes could increase U.S. inflation to over 4% in 2025 and heighten the likelihood of a recession.
  • Global responses have been mixed, with the European Union pausing retaliatory measures for 90 days, while China signals readiness for dialogue but vows to stand firm.