Trade war escalates: US to impose unprecedented 104% tariffs on China.
The Trump administration announced the introduction of increased tariffs on imports from China, leading to a sharp decline in the stock markets.
According to White House spokeswoman Caroline Leavitt, tariffs on Chinese imports will increase to 104% starting April 9, 2025.
This decision was made due to China's refusal to cancel its countermeasures. The new tariffs will come into effect on Wednesday, at noon Eastern Time (7:00 PM Kyiv time). This is the second increase in tariffs on Chinese imports by President Trump.
In turn, China responded by announcing a 34% tariff on American goods. Should China refuse to withdraw its tariff measures, Trump threatened to impose an additional 50% tariff.
US Treasury Secretary Scott Besson called China's decision to escalate the tariff war 'a big mistake.
News of the tariff increase caused significant changes in the financial markets. The S&P 500 index lost its previous gains, and investors began to turn to less risky assets due to increasing uncertainty.
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