Trum tariff
Donald Trump's latest tariff hike on Beijing brings additional rate on some Chinese goods to 145 pct: White House
Washington DC/IBNS: President Donald Trump's steep tariff hike on Chinese goods took effect on Thursday, bringing the US's additional rate on many products to 145 percent, the White House confirmed.
On Wednesday, Trump announced a 90-day hold on tariffs for all other countries except Beijing. The order came to effect on Thursday.
After the US raised tariffs on China to 104 percent, Beijing retaliated, announcing that it would impose a levy of 84 percent on US imports, up from 34 percent, marking a significant escalation of the tariff trade war between the countries.
The US counter-strike was swift, with Trump announcing that he was raising tariffs on China even further- to 125 percent - effective immediately.
This takes the total tariffs Trump has imposed on Chinese products this year to 145 percent, adding all existing levies from past administrations.
But the latest 125 percent figure on China contains some exclusions.
It excludes products like steel and aluminum imports, as well as autos, on which Trump slapped separate 25 percent tariffs under separate regimes.
The high levy does not apply to goods such as copper, pharmaceuticals, semiconductors, lumber, and energy products, some of which Trump has signaled plans to target separately.
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