Meanwhile, Trump isn’t backing off his alarming trade war with China — in fact, it’s getting worse. Goods coming from China to the United States are now subject to at least a 145% tariff, the White House clarified Thursday. The 125% “reciprocal” tariff Trump announced on China on Wednesday comes on top of the 20% tariff that had already been in place. It hadn’t been clear Wednesday if the tariffs were additive.
Stocks immediately dipped lower after news outlets began reporting the clarification around 11 a.m. ET Thursday.
Also on Thursday, Beijing’s retaliatory 84% tariffs on US imports to China went into effect.
China says it remains willing to negotiate with the United States, but a spokesperson for the Chinese Commerce Ministry also reiterated Thursday that China will not back down if Trump chooses to further escalate the trade war.
“The door to talks is open, but dialogue must be conducted on the basis of mutual respect and equality,” the spokesperson said. “We hope the US will meet China halfway, and work toward resolving differences through dialogue and consultation.”
“If the US chooses confrontation, China will respond in kind. Pressure, threats and blackmail are not the right ways to deal with China,” the spokesperson said.
