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9h ago

U.S.–China Trade Standoff Escalates as Tariff Fallout Looms

With 145% tariffs in place, shipments from China plummet, retailers brace for shortages, and economists warn of a likely summer recession.

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Shipping containers pile up at a terminal in Shanghai, China, on April 20, 2025. (Chinatopix)

Overview

  • The U.S. imposed a 145% tariff on Chinese goods in early April, causing cargo shipments to drop by up to 60%.
  • Major retailers like Walmart and Target warn of empty shelves and rising prices by mid-May as inventory levels dwindle.
  • Economists, including Apollo Global Management’s Torsten Slok, predict significant layoffs in trucking, retail, and logistics industries starting late May, with a high likelihood of a summer recession.
  • China denies engaging in any trade negotiations with the U.S., contradicting claims by President Trump and Treasury Secretary Scott Bessent.
  • Twelve state attorneys general have filed lawsuits challenging the tariffs, arguing that the president’s use of emergency powers lacks clear congressional approval.