U.S. President Donald Trump’s latest wave of tariffs has officially taken effect, slapping a staggering 104% import tax on goods from China amid an intensifying trade showdown between the world’s two largest economies.
Tariffs now range from 11% to 104% and impact over 60 countries on Trump’s so-called list of “worst offenders” for unfair trade practices. In retaliation, China raised its import duties on U.S. goods to 84%, deepening fears of a prolonged global trade war.
“I Know What the Hell I’m Doing” — Trump
Speaking at a Republican Party dinner in Washington, Trump defended his tariff strategy, saying the fallout had been “somewhat explosive” but claimed money was “pouring in” from the new levies. He doubled down on his aggressive posture, telling guests:
“I know what the hell I’m doing… They are dying to make a deal.”
He acknowledged the 104% figure “sounds ridiculous” but insisted that China is eager to reach an agreement, stating, “They just don’t know how to get started because they’re proud people.”
China Vows to “Fight to the End”
In a sharp response, China declared it would “fight to the end” if the U.S. insists on escalating the tariff war. Its foreign ministry spokesman Lin Jian accused the U.S. of “bullying practices” and called for equality, mutual respect, and reciprocity.
Beijing unveiled plans to raise tariffs on U.S. goods from 34% to 84%, effective Thursday morning (CST). A white paper issued by Chinese officials still left the door open for continued dialogue with Washington.
Ripple Effects Across the Globe
- Markets plummeted, losing trillions in value following last week’s tariff announcement. The FTSE 100 dropped 2.5% at open, and Japan’s Nikkei 225 fell 4.3% on Wednesday.
- Delegations from Japan and South Korea are headed to Washington, as they face 24% and 25% import taxes, respectively.
- The EU, hit with a 20% blanket tariff, has voted to impose counter-tariffs on U.S. goods, effective April 15.
European Commission President Ursula von der Leyen said the bloc is ready to negotiate but criticized the U.S. tariffs as “unjustified and damaging.” The EU has proposed zero-tariff trade on industrial goods, but Trump said it’s “not enough.”
Other nations impacted include:
- Cambodia – 49%
- Vietnam – 46%
- India – 26%
Divisions Inside the White House?
The tariff drama has stirred controversy within the administration itself. Elon Musk publicly clashed with trade adviser Peter Navarro, calling him “dumber than a sack of bricks” in a now-viral exchange.
Despite criticism and market shocks, Trump remains confident:
“These tariffs are going to be legendary, in a positive way.”
