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U.S.-China Trade War Intensifies with Tariffs and Retaliatory Measures at Record Highs

The escalating conflict now includes U.S. export restrictions on Nvidia chips and China's halt on Boeing deliveries, as both nations dig in for a prolonged economic standoff.

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Gantry cranes stand near shipping containers at Yangshan Port outside of Shanghai, China, April 15, 2025. REUTERS/Go Nakamura/File Photo
U.S. Federal Reserve Chair Jerome Powell speaks at a press conference, following a two-day meeting of the Federal Open Market Committee on interest rate policy, in Washington, D.C., U.S., March 19, 2025. REUTERS/Nathan Howard/File Photo

Overview

  • The U.S. has imposed 145% tariffs on Chinese goods, while China has retaliated with 125% tariffs and warned of increases up to 245%.
  • China has ordered its airlines to suspend deliveries of Boeing jets and purchases of U.S. aviation parts, signaling a major blow to U.S. aerospace exports.
  • The U.S. has restricted Nvidia from exporting key AI chips to China, citing national security concerns, with Nvidia estimating a $5.5 billion revenue impact.
  • Global markets are experiencing heightened volatility, with gold prices hitting record highs and significant disruptions in supply chains for tech and manufacturing sectors.
  • Trump has stated that the responsibility for resolving the trade conflict lies with China, while Beijing continues to strengthen trade ties with Southeast Asia and Europe.