Day: April 4, 2025

In a massive intensification of his trade war, Donald Trump on Wednesday announced large additional tariffs after the market closed. These tariff amounts caught the world by surprise as they turned out to be much higher than what was expected. Trump declared 10% tariffs on all imports into the US, and even higher duties on items from roughly 60 nations and trading blocs that have a significant trade deficit with the US. This includes the new duties of 34% and 20% imposed on China and the European Union, respectively. The tariff rate on Beijing comes in addition to existing 20% tariffs on Chinese imports, meaning the tariff rate on China is 54%.