United States President Donald Trump's country-specific tariffs took effect as of 12:01 am ET, meaning that Chinese goods now face a massive cumulative tariff rate of 104%.
Beijing, for its part, has thus far shown no signs of backing down in the all-out tariff war, vowing on Tuesday to fight Trump's trade policies "to the end" and to respond with countermeasures. Several Chinese state-owned investment holding companies pledged to increase share investment, in a bid to calm a stock market shaken by recession fears. Trump, meanwhile, expressed his confidence in Beijing wanting to make a deal "at some point" and claimed that the Asian nation was manipulating its currency to offset the impact of the tariffs.
China is one of the roughly 60 countries hit by the custom-tailored tariffs, which are substantially higher than the 10% baseline duty that was imposed on most nations over the weekend. All of the nations impacted by this new round were labeled by Trump as "worst offenders" when it comes to trade practices.
