President Donald Trump’s explosive tariffs have officially taken effect worldwide, including a staggering 104% hike for China.
Approximately 60 countries, labeled as “worst offenders” by the US President, have been subjected to these hikes, which are feared to ignite a global trade war.
Trump maintains that his nation is already benefiting from these sweeping tariffs, with a daily influx of $2 billion.
As the most significant wave of tariffs yet comes into effect, Trump asserts that nations are eager to “kiss his a**” and negotiate a deal.
Donald Trump appears at the National Republican Congressional Committee (NRCC) dinner on April 8
Credit: Reuters
US and global stocks have taken a hit amid Trump’s global trade war
Credit: Reuters
Trump said countries were calling up to ‘kiss my a**’ over the tariffs
Credit: AFP
He also criticizes “trade cheaters” while claiming to be standing up for the working people of the US.
Trump made these claims just hours after escalating the conflict with Beijing by imposing the crippling 104% tariffs on all Chinese imports.
These substantial tax hikes went into effect on Wednesday at midnight, as per Trump’s orders.
It is believed that these impacts will affect approximately 60 countries that have been labeled as “worst offenders” by Trump.
China has experienced the highest tariff increases, followed by Vietnam (46%), Thailand (36%), Japan (24%), and the European Union (20%).
The UK has not faced any further hikes beyond the previous 10% baseline rise, which came into effect last weekend. In a Truth Social post hours before the sweeping changes, Trump criticized “trade cheaters worldwide.”
He vowed to prioritize America and always defend it with every decision.
Despite the president’s claims that business is thriving, the trade war has already resulted in trillions of dollars wiped off global markets.
The stock market experienced another sharp decline on Tuesday, marking a significant drop from the seemingly optimistic morning following the initial mass sell-offs triggered by the sweeping tariffs.
The S&P 500 plummeted by 1.6%, the Dow Jones Industrial Average fell by 320 points, and the Nasdaq plummeted by 2.1% in response to Trump’s announcement of new additional tariffs in his ongoing conflict with China.
China has vowed to persist in its stance, labeling it as a global game of chicken.
However, Trump stated that China “desperately wants to make a deal, but they lack the knowledge of how to initiate it.”
Trump expressed great respect for China but stated that they cannot retaliate with tariffs.
He emphasized that this was their only opportunity to do so and expressed an honor in taking this action.
