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US forges ahead with 104% tariffs on China, says willing to talk to other countries
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WASHINGTON/BEIJING: The United States said on Tuesday (Apr 8) that 104 per cent duties on imports from China will take effect shortly after midnight, even as the Trump administration moved to quickly start talks with other trading partners targeted by President Donald Trump's sweeping tariff plan.
US stocks retreated on the news. Global markets had previously posted gains on hopes that Trump might be willing to negotiate down the array of country and product-specific trade barriers he is erecting around the world's largest consumer market.
The administration has scheduled talks with South Korea and Japan, two close allies and major trading partners, and Italian Prime Minister Giorgia Meloni is due to visit next week.
But the White House made clear that country-specific tariffs of up to 50 per cent would nevertheless take effect at 12.01am Eastern Time, as planned.
US stocks retreated on the news. Global markets had previously posted gains on hopes that Trump might be willing to negotiate down the array of country and product-specific trade barriers he is erecting around the world's largest consumer market.
The administration has scheduled talks with South Korea and Japan, two close allies and major trading partners, and Italian Prime Minister Giorgia Meloni is due to visit next week.
But the White House made clear that country-specific tariffs of up to 50 per cent would nevertheless take effect at 12.01am Eastern Time, as planned.
Administration officials said they would not prioritise negotiations with the world's No 2 economic power.
Trump's sweeping tariffs have raised fears of recession and upended a global trading order that has been in place for decades.
"Right now, we've received the instruction to prioritise our allies and our trading partners like Japan and Korea and others," White House economic adviser Kevin Hassett said on Fox News.
The White House said Trump instructed his trade team to create "tailor-made" deals for the nearly 70 countries that have reached out for talks.
Trump's sweeping tariffs have raised fears of recession and upended a global trading order that has been in place for decades.
"Right now, we've received the instruction to prioritise our allies and our trading partners like Japan and Korea and others," White House economic adviser Kevin Hassett said on Fox News.
The White House said Trump instructed his trade team to create "tailor-made" deals for the nearly 70 countries that have reached out for talks.
Source: CNA
