Connect with us

Hi, what are you looking for?

World

China Slams 84% Extra Tariff On US As Trump Responds With Additional 21%

Former President Donald Trump leaves Trump Tower in New York on Tuesday, April 4, 2023. Trump will surrender in Manhattan to face criminal charges stemming from 2016 hush money payments. (AP Photo/Bryan Woolston)

As Trump’s tariffs on the 60 countries he called the worst offenders came into effect, there has been a flurry of reaction, including retaliatory measures, with China responding with additional 84 per cent tariff rates on US goods.

The Chinese tariff is an increase from the 34 per cent it already imposed on American imports, thus bringing its total import tax on the US to 118 per cent.

China has already also filed a complaint to the World Trade Organization, WTO, saying the US was violating international trade laws.

In response, President Trump raised the tariff against the US to 125 percent and also issued a 90 day pause to some tariffs.

Announcing the raise, he said: “Based on the lack of respect that China has shown to the world’s markets, I am hereby raising the tariff charged to China by the United States of America to 125 percent, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other countries, is no longer sustainable or acceptable.

“Conversely, and based on the fact that more than 75 countries have called representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to trade, trade barriers, tariffs, currency manipulation, and non monetary tariffs, and that these countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day pause, and a substantially lowered reciprocal tariff during this period, of 10 per cent, also effective immediately.”

Meanwhile, the world’s stock markets have continued to react negatively to the tariff war. European stock markets have sustained losses across the major indexes. In France, the Cac 40 ended down 3.34% after falling 2.3% at opening this morning. The German Dax closed 2.96 percent lower, after opening to losses of 2.1 percent.

The London stock market has closed its trading for the day lower as the FTSE 100 index finished at 2.92 per cent down at 7,679.48, its lowest since March 2024. Asia’s markets closed between four percent to one percent lower with the exception of Shanghai, which advanced by 1.3 per cent. Wall Street opened earlier with mixed trading with the S&P 500 and Dow Jones down 0.19 percent and 0.5 percent respectively. However, the Nasdaq was up 0.7 per cent.

____

Follow us on Twitter at @thesignalng

Copyright 2025 SIGNAL. Permission to use portions of this article is granted provided appropriate credits are given to  www.signalng.com and other relevant sources.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Related

World

A judge on Tuesday ordered President Donald Trump’s administration to restore funding to Voice of America and other US-funded media, saying its abrupt shutdown...

News

Harvard sued US President Donald Trump’s administration Monday in a sharp escalation of the fight between the prestigious university and the Republican, who has...

News

The Nigeria-China Strategic Partnership has said Nigeria would soon sign a deal on ‘Digital RMB’ with China to enable a direct conversion of naira...

News

Nigeria and the U.S. have expressed commitment to strengthening bilateral cooperation between them through various economic sectors. The Minister of Foreign Affairs, Amb. Yusuf...

Copyright ©