Trump Tariff Impact, Reactions Live: US President Donald Trump‘s new ‘reciprocal’ tariffs has came into effect against many countries, including the 27% on India and 104% on China. Meanwhile, China released a White Paper on US trade, state media Xinhua said. China said that it would take proper measures in response to Trump’s increasing tariffs on Chinese products. The report also said that trade disagreements between two large economies are normal, and that China is ready to talk with the US to fix the problems.
Trump on Tuesday assured the Republicans on Tuesday that he knows what he is doing, a Washington Post report said. Trump was speaking at the National Republican Congressional Committee dinner in Washington when he said, “I know what the hell I’m doing.” Trump also said that he is going to announce massive tariffs on pharmaceuticals “very shortly”. He claimed that once he does that, the move will put pressure on the pharma companies to “leave China” and build their manufacturing plants in US instead.
The US has gone ahead with the imposition of 84% tax on all China goods, White House press secretary Karoline Leavitt said on Monday. This means everything imported from China will now face at least a total of 104% tariff. At the same time, similar tariffs will also be applied to about 60 other countries. Trump has asked his trade team to work out special deals with any leaders who are willing to negotiate, US press secretary Leavitt added.
China was already set to face a 34% tariff increase from today, but after it retaliated with its own set of 34% tariffs against American goods, Trump added an extra 50%. China’s Commerce Ministry had earlier said that it would continue to fight back till the end.
Tariff negotiations with other countries
The Trump administration is focusing on making trade deals with Japan and South Korea, according to Kevin Hassett, head of the White House National Economic Council, reported CNN. Trump said he had a good phone call with South Korea’s acting president and mentioned that they already have the basics of a deal in place. Italian Prime Minister Giorgia Meloni is also expected to meet with Trump next week, a source said, reported CNN.
Meanwhile, the European Union has told the US it is ready to talk about buying more natural gas, according to the EU’s executive branch.
🏦 Vizzve – 10 Years of Trusted Financial Solutions
1.Tired of searching endlessly for the best loan offers?
2.Worried about high interest rates or your CIBIL score?
3.Let Vizzve take the stress out of your loan journey!
With 10 years of experience, we connect you to top-notch banks and NBFCs, offering the best loans tailored to your needs.
✅ Personal Loan #ChinaUSTradeWar #TrumpTariffs #TradeTensions #GlobalEconomy #ChinaWhitePaper