President Donald Trump will impose a surprise 104% tariff on all Chinese imports on Wednesday, White House press secretary Caroline Leavitt announced Tuesday. The move follows Chinese tariffs that were in place before Trump's second term.
According to foreign media, China was already set to see tariffs increase by 34% on Wednesday, as part of Trump's "reciprocal" tariff package. But the president imposed 50% tariffs after Beijing did not back down from its promise to impose retaliatory 34% tariffs on American goods by noon on Tuesday, adding an additional 84% to the tariffs.
Earlier Tuesday, China's Commerce Ministry said it "firmly opposes" the additional 50% tariffs on Chinese imports, calling it "mistake after mistake." The Chinese ministry also vowed to escalate its retaliation against U.S. exports.
U.S. stocks, which had risen Tuesday morning, began to move lower following Leavitt's comments. The Nasdaq and S&P 500 fell into negative territory, while the Dow remained positive around 2:30 p.m. ET. (A2 Televizion)
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