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By Shane Croucher and Dan Cody
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The Trump administration is imposing increased tariffs on China after the deadline passed for the country to lift retaliatory tariffs, which were levied in response to President Donald Trump's "Liberation Day" tariffs.
On April 2, Trump announced a 34 percent "reciprocal" tariff on China, in addition to the 20 percent imposed earlier in the year by his administration. He said the cost of tariffs and other trade barriers faced by U.S. exporters to China was much higher.
In retaliation, China imposed a 34 percent tariff and took other non-tariff countermeasures against the U.S.
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Then on Monday, Trump said if China did not withdraw its 34 percent tariff by the following day, he would as of Wednesday put a further 50 percent tariff on Chinese imports.
White House Press Secretary Karoline Leavitt confirmed Tuesday that the United States would impose a 104 percent tariff on Chinese imports starting April 9.
"The president, when America is punched, he punches back harder, that's why there will be 104 percent tariffs going into effect on China tonight at midnight," White House press secretary Karoline Leavitt said during a Tuesday briefing.
Leavitt added that Trump believes Chinese President Xi Jinping "has to make a deal with the United States" and characterized China's response to U.S. demands as a misstep. "It was a mistake for China to retaliate," she said.
"Additionally, all talks with China concerning their requested meetings with us will be terminated!" Trump posted on Truth Social.
He added: "China wants to make a deal, badly, but they don't know how to get it started," reiterating his belief that the tariffs would force U.S. companies to bring production back home.
That deadline passed and Trump's new tariff was imposed on Wednesday.
Despite concerns about inflation and recession, Trump doubled down Tuesday night, saying the administration would soon announce new tariffs on pharmaceuticals "very shortly."
In addition, imports from India, Vietnam, and Taiwan are now subject to additional tariffs of 26 percent, 46 percent and 32 percent respectively.
Asian markets slumped again Wednesday as investors braced for the impact of sweeping U.S. import tariffs. Major indexes in Japan and Hong Kong opened down more than 3 percent on Wednesday morning, extending a global selloff sparked by the new trade measures.
The declines followed a volatile session on Wall Street, where the S&P 500 closed just shy of a bear market—defined as a 20 percent drop from its recent high—heightening fears of broader economic fallout.
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