The tariffs that US President Donald Trump imposed have left the world trying to deal with its aftermath. Some countries have it better than others but so far, China has suffered the worst.
After Trump imposed a 104% tariff on Chinese goods and China retaliated with an 84% tariff on US goods, many goods will become way more expensive than they used to.
What the tariff increase means
Tariffs have a global impact as the person importing the goods will probably increase their price to cover their own costs and transfer the expenses onto the buyer.
Also, having tariffs may increase the purchase of domestic goods, yes, but it is not convenient for those wanting to buy groceries and daily essentials.
How it’s impacting China
While Trump’s aim behind tariffs is to buy groceries and daily essentials, China begs to differ, as the Chinese commerce ministry believes that an “increase in tariffs will not solve its own problems.”
China fought back
In turn, China imposed an 84% tariff on US goods, declaring that “if the US insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end.”
The list of goods exchanged between the US and China
According to the US International Trade Commission, here are the top 10 traded items between the US and China:
• Soybeans – 9%
• Aircraft and engines – 8%
• Integrated circuits – 4%
• Pharmaceuticals – 4%
• Petroleum – 3%
• Smartphones – 9%
• Laptops – 7%
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• Batteries – 3%
• Toys – 2%
• Telecoms equipment – 2%
Trump believes that the tariffs are good for the US
Trump took to X (formerly Twitter) to express his take on the aftermath of tariffs on April 7, saying:
“Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place.”
He dubbed China “the biggest abuser of them all”
“This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate,” he added.
“They’ve made enough, for decades, taking advantage of the Good OL’ USA! Our past ‘leaders’ are to blame for allowing this, and so much else, to happen to our Country. MAKE AMERICA GREAT AGAIN!” He concluded.
