China’s retaliatory actions have resulted in 245% tariffs on U.S. imports, according to a fact sheet released by the White House. Prior to the latest revision, China imposed a 145% tariff on exports to the United States.
U.S. President Donald Trump imposed reciprocal tariffs on dozens of countries with U.S. trade deficits. Later, President Trump decided to suspend tariffs for 90 days after many countries held trade agreements with the U.S. government.
“More than 75 countries have reached out to discuss new trade agreements,” the White House overview said.
“As a result, in addition to China’s retaliation, personalized higher tariffs are currently suspended in these discussions,” the fact sheet added.
Currently, the benchmark tariff 10% will apply to U.S. imported goods.
President Trump imposed 10% tariffs on all countries and personalized reciprocal tariffs on countries with the largest trade deficit in the United States to increase the competitive environment and protect the national security of the United States.
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President Trump has unveiled a “fair and reciprocity plan” on trade to restore fairness in U.S. trade relations and oppose non-share trade agreements.
Trump’s reciprocal tariffs have led to widespread declines in global financial markets, with market trends in Asia and Europe falling. Reciprocal tariffs have been sold out in global stocks, and the United States itself is no exception. Investors are worried that moves about global trade may increase inflation and risk economic growth.
Since serving in his second term, President Trump has reiterated his stance on tariff reciprocity, stressing that the United States will match tariffs imposed by other countries, including India, to ensure fair trade.
