President Donald Trump’s tariffs are now in effect, including a projected 104% tariff on imports from China.
On Tuesday, U.S. Customs and Border Protection announced that it was ready to start collecting country-specific tariffs from 86 trading partners at 12:01 a.m. ET.
U.S. markets saw a significant decline Tuesday afternoon as the midnight tariff deadline approached.
China’s foreign ministry announced that it would take “resolute and forceful” measures to protect its interests after the U.S. implemented tariffs of 104% on Chinese imports.
China criticized the U.S. for its unilateral actions, calling them economic bullying and protectionism, and warned that it would retaliate if the U.S. continued escalating trade tensions.
Despite this, China expressed a willingness to engage in dialogue, emphasizing mutual respect and benefit.
Beijing also accused the U.S. of violating the Phase 1 trade deal, while claiming it had met its commitments before the pandemic disrupted progress.
