The new tariffs imposed by U.S. President Donald Trump on goods from several countries, including a 104% tariff on Chinese products, have come into effect, intensifying the global trade war.
This round of “reciprocal” tariffs follows the punitive taxes Trump has placed, shaking a global trade order that has existed for decades.
The move has sparked fears of a potential recession and caused a sharp decline in stock markets worldwide, according to The Guardian.
President Trump has doubled the tariffs on Chinese imports, which had been set at 54% last week, in response to tariffs announced by Beijing.
China has stated that it will “fight to the end” to protect its interests, viewing this as economic blackmail.
Meanwhile, Trump has sent mixed messages to investors, describing the tariffs as “permanent” but also boasting that they are pushing global leaders to seek negotiations.
He emphasized that many countries are seeking deals with the U.S., and expressed optimism that China will eventually agree to a deal in the future.
