The Latest Tariff News
Trump has announced a 90-day suspension of some of the planned tariffs, but will raise tariffs on Chinese imports to 145%.
“We urge the US side … to take a big step in correcting its mistakes, completely cancel the wrong practice of ‘reciprocal tariffs’, and return to the right path of mutual respect and resolving differences through equal dialogue,” China’s Ministry of Commerce said in a statement.
The Trump administration appeared to make a concession last Friday (April 11), announcing that some electronic products, including those made in China, would be exempted. But U.S. Commerce Secretary Howard Lutnick told ABC on Sunday (April 13) that the exemptions were only temporary. Trump imposed tariffs of up to 54% on imports from China in early April, which were then escalated to the current 145%. China retaliated with 34% tariffs on U.S. goods, then raised them to 84%, then 125%, which took effect last Saturday.
China’s Ministry of Commerce said in announcing the latest tariffs last week that it would “fight to the end” if the United States “insists on continuing to substantially infringe on China’s rights and interests.”
Trump said late Saturday as he traveled to Miami, Florida, that he would provide more details on the exemptions early next week.
The White House argues it is using tariffs as a negotiating tactic to extract better trade terms from other countries.
Trump says his policies will correct unfairness in the global trading system and bring jobs and factories back to the United States.
However, his interventions have caused sharp swings in the stock market and raised concerns about reduced global trade, which could have knock-on effects on jobs and personal finances.
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