US President Donald Trump, who has initiated an extensive tariff war, announced on Tuesday (local time) that he would raise tariffs on China to 125%, effective immediately. Adding a 20% rate imposed earlier this year over China's involvement in fentanyl trafficking, the total tariffs reached 145%.
This decision has inflicted significant damage on the economy, sparking widespread concerns about the ramifications of a multilateral tariff conflict and its potential side effects.
Economist Peter Schiff said tariffs won't solve the problem. They'll just mask the underlying issue while making goods more expensive for American consumers.
On April 10, US time, ongoing concerns over tariffs led to a significant decline in US assets, with the stock market, bond market, and the dollar all experiencing losses. This downturn heightened market risk aversion.
Recently, a bill featuring a "tariff surcharge" sparked intense discussions among US netizens. The electronic receipt, reportedly left by an American mother purchasing summer clothes for her child, showed a total of US$411.71, which included a US$44.09 charge labeled as "tariff surcharge."
Additionally, a viral image showcased Trump's "Make America Great Again" red hats, prominently labeled "Made in China." The hats, originally priced at US$50, were now retailing for US$77, and have since surged to US$102.
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1-minute News | 'Tariff war' escalates: US raises tariffs on China to 125%
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