Trump tariffs live updates: China hits back, hikes tariffs on US goods to 125% from 84%

Key Points

  • China has escalated its tariffs on US goods to 125% in response to President Trump's tariff hikes, intensifying the US-China trade war.
  • The White House clarified that US tariffs on Chinese imports are now at least 145%, higher than previously reported.
  • President Trump announced a 90-day pause on his reciprocal tariff plans for all countries except China, aiming to negotiate new trade deals.
  • The US-China trade war has led to significant market volatility, with stocks experiencing both sharp declines and historic rallies in response to tariff announcements.
  • The EU has matched the US's 90-day tariff pause, delaying its retaliatory tariffs on US goods.

Summary

The escalating trade war between the US and China has taken a new turn with China increasing its tariffs on US goods to 125% in retaliation to President Trump's tariff hikes. This move comes amidst a backdrop of significant market volatility, with US stocks experiencing both sharp declines and historic rallies in response to tariff announcements. The White House clarified that US tariffs on Chinese imports are now at least 145%, higher than previously reported, intensifying the economic standoff. President Trump, however, announced a 90-day pause on his reciprocal tariff plans for all countries except China, aiming to negotiate new trade deals. This pause was influenced by market reactions and warnings from Wall Street executives like Bill Ackman, who had cautioned against the economic repercussions of the tariffs. The EU has also matched this pause, delaying its retaliatory tariffs on US goods. Meanwhile, specific sectors like the US bike industry are feeling the pinch, with prices expected to rise significantly due to reliance on Chinese manufacturing. The trade war's impact is reverberating globally, affecting industries from agriculture to entertainment, as both nations engage in a tit-for-tat escalation of tariffs.

yahoo
April 11, 2025
Stocks
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