Trump has sought to upend an entire economic order that revolves around free trade and the U.S. transition to a service-oriented economy from a manufacturing-intensive one.
Baseline 10% tariffs took effect Saturday, with dozens of countries facing higher so-called reciprocal tariffs beginning Wednesday. China said Friday it would impose a 34% tariff on all goods imported from the United States beginning this Thursday, after the U.S. tariffs are set to rise on Chinese goods — from 20% to at least 54%.
Trump didn’t seem to be letting up anytime soon; on Monday he threatened China with an additional 50% tariffs by Wednesday if it didn’t rescind its retaliatory measures. The White House later clarified it would mean 104% total.
