After US President Donald Trump announced new tariffs on most nations worldwide, China was one to receive one of the highest percentages on its goods. With a 54% tariff on Chinese goods, the country decided to hit back with its own tariffs against the US.
Trump imposed the tariffs on April 2
On Wednesday April 2, Donald Trump shared his newly imposed tariffs in a speech at the White House’s Rose Garden.
He called the day ‘Liberation Day’, saying that it’s the start of the ‘rebirth’ of the American economy.
Trump shared the news on the tariffs
“This is Liberation Day. We’ve been waiting for a long time, April 2, 2025, will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed, and the day that we began to ‘Make America Wealthy Again’,” the US President said.
“For decades our country has been looted, pillaged, r*ped and plundered from nations, near and far, from both friend and foe alike.”
The tariffs are different on different countries
Different countries were hit with different percentages of the newly-imposed tariffs, but what’s for sure is that dozens of nations received some form of tariff on their goods.
Most countries were hit with a so-called ‘baseline’ tariff of 10% on all goods imported to the US.
Others received a higher percentage
Other countries received a higher tariff percentage, with Trump describing them as ‘worst offenders’ and justifying the higher percentage by saying they are retaliatory tariffs.
Some of these countries are Vietnam, Japan, EU countries, and China among others.
China received a 54% tariff
The higher tariffs imposed by the US are set to go into effect on April 9. Trump said, “They do it to us, and we do it to them. Doesn’t get much simpler than that.”
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China, which received a 54% tariff from the US on all its goods, has shared its plans for further retaliation.
China is retaliating with a 34% tariff
According to the BBC, a 34% tariff on all US goods coming into China will be put in effect starting April 10.
The outlet also reported that a spokesperson at the ministry of commerce shared that China has filed a lawsuit against the World Trade Organization (WTO), claiming that Trump’s tariffs violate WTO trade rules.
They commented on effects on global trade
The spokesperson also claimed that Trump’s tariffs “damage the legitimate rights and interests of WTO members, and undermine the rules-based multilateral trading system and the international economic and trade order.”
They added, “It is a typical unilateral bullying practice that endangers the stability of the global economic and trade order. China firmly opposes this.”
This news caused a tumble in the stock market
Following news of China’s retaliatory tariffs, the stock market has fallen once more since April 3rd, which is said to be the worst day for stocks since March 2020.
According to The Guardian, shares in US banks are down by almost 6% as of the morning of Friday April 4. This could be a reflection of common fears that the newly-imposed tariffs could trigger a global recession.
