The U.S. will impose a 104% tariff on China beginning at 12:01 a.m. EDT Wednesday, White House press secretary Karoline Leavitt said in a briefing Tuesday.
Starting tomorrow, the White House will begin collecting steep levies on imported goods from China, as President Trump follows through on a threat issued against Beijing on Truth Social Monday.
Mr. Trump on Monday threatened to slap an additional 50% tariff on imports from China after the nation said it would impose a 34% import fee on American products. China’s retaliatory move came after Mr. Trump said China would face a 34% tariff on all goods imported to the U.S., a rate tailored specifically to China.
Mr. Trump also said in his Truth Social post that the U.S. would cease all negotiations with China, while proceeding with trade talks with other nations.
China’s commerce ministry on Tuesday asserted that Beijing would “fight to the end” and take countermeasures against the U.S. if Mr. Trump did not walk back his latest threat.
In the press briefing Tuesday, Leavitt said retaliatory tariffs on roughly 90 countries were designed to open negotiations with the U.S.’s trade partners.
“To countries around the world, bring us your best offers and he will listen,” Leavitt said of Mr. Trump. “Deals will only be made if they benefit American workers.”
She added that 70 nations have already approached the White House to begin negotiations and presumably lower their assigned tariff rates in exchange for concessions that Mr. Trump deems beneficial to the U.S.
“On the other hand, countries like China, who have chosen to retaliate, and try to double down on their mistreatment of American workers are making a mistake,” Leavitt said.
She also reiterated Mr. Trump’s “firm belief” that the U.S. needs to prioritize the bringing of manufacturing back to the U.S.
“President Trump has a spine of steel and will not break,” she said, later adding that “a strong America cannot be solely dependent on foreign countries for our food, medicines and critical minerals.”
Critics of Mr. Trump’s tariff agenda, including some prominent Wall Street figures, say levies could stoke inflation and slow the U.S. economy.
“Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth,” JPMorgan Chase CEO Jamie Dimon said in his annual letter to shareholders Monday.
Economists are also raising the odds of the U.S. economy entering a recession on Mr. Trump’s reciprocal tariff announcement, with Goldman Sachs analysts on Monday putting the odds of the economy entering a recession within the next 12 months at at 45%, up from 35% in its previous forecast.
Goldman cited tightening financial conditions, consumer boycotts of U.S. goods and uncertainty over the Trump administration’s economic policies, saying those factors are “likely to depress capital spending” by more than the bank had previously forecast.
Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.
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