US-China Trade War Escalates: Tariffs Soar to 145% as Economic Tensions Spark Global Market Volatility
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US-China Trade War Escalates: Tariffs Soar to 145% as Economic Tensions Spark Global Market Volatility
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The big story this week is the intensifying US-China tariff battle under President Donald Trump. Since early April, the US tariff rate on Chinese goods has soared. On April 2, Trump imposed a 34% “reciprocal tariff” on most Chinese imports. China immediately matched with a 34% tariff on American goods. Negotiations stalled as China also began requiring special export licenses for six heavy rare earth minerals—critical for industries like batteries and medical devices—resulting in a halt to all exports while the licensing system is still not in place, as detailed by Wikipedia’s coverage of recent tariff moves.
Tariff escalation continued rapidly. Trump soon raised tariffs by an additional 50%, bringing the baseline tariff on Chinese goods to a staggering 104%. China answered with a 50% hike of its own, lifting its baseline tariff on US goods to 84%. Not backing down, the US increased tariffs again to 145%, while China lifted its rate to 125%. In a sharp statement, China’s Finance Ministry announced any further US tariff hikes would be ignored, stating, “Even if the US continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy,” according to the same Wikipedia source.
Bloomberg reports that these tariffs have already impacted US inflation, with consumer prices rising in May and June. Businesses are passing on the costs of the tariffs to consumers, especially on household appliances and furniture, and several CEOs of major US retailers have warned the White House of visible price increases and product shortages if the situation persists. The Federal Reserve has held interest rates steady out of fear that further increases could compound tariff-driven inflation. Current interest rates remain at 4.5%.
Looking closer at specifics, Bloomberg also reports that as of April 2025, the effective US tariff rate on Chinese imports, after a fentanyl-related 20% levy, stands at an unprecedented 145%. For listeners tracking the numbers: as of this recording, tariffs on Chinese imports to the US are at 145%, while China’s tariffs on US goods are at 125%.
Market reaction has been turbulent. According to Fortune, inflation has not surged as quickly as some predicted, likely because companies stockpiled imports ahead of tariff hikes. This temporary buffer means many businesses haven’t yet raised prices, but experts warn that increases are inevitable as inventories run down and replacement goods come in at higher, tariff-affected prices.
Commodity markets have also felt the impact. Moneycontrol notes that US tariff threats, particularly against China, have caused precious metals like gold and silver to surge, with investors seeking safe havens amid rising trade tensions.
That’s the latest on the US-China tariff front as the trade war continues to push boundaries and global markets react with caution and volatility.
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