The 5 % tariff applied to Chinese goods began

report

Trump’s order now raises the total tariff rate on Chinese goods to 5 %, much above 5 % that Trump had announced during the presidential campaign. The 2 % mutual tariff is in addition to the 5 % tariff that was applied in March.

Trump’s order also increased customs tariffs on goods including the DE minimis law. Low -valued goods from China and Hong Kong were initially exempt from any US import tariffs.

China showed that it was not intentional to retreat and officials have promised to fight the US trade war to the end. China is also expected to increase its driving measures to thwart the negative economic cases caused by Trump’s tariffs.

Trump’s mutual tariffs on other major economies are also scheduled to be implemented on Wednesday, April 6. The US president claimed that he was seeking to reform the apparently “unfair” trade practices for the United States, as well as to increase US industrial production and production by imposing tariffs.

While US officials claim to have launched or planned talks with at least five countries over new trade agreements, Trump seems to have not shown much interest in starting urgent talks with China.

The growing fear of a world trade war, along with the disruption of US companies caused by Trump’s tariffs, has drastically reduced financial markets in recent days.