China faced the worst brunt of the tariffs introduced by US President Donald Trump as goods imported from the country will now face a combined total tariff rate of 54 per cent duties. The figure was later confirmed by US Treasury Secretary Scott Bessent during an interview with Bloomberg Television.
Bessent said that all goods imported from China would face 54 per cent tariffs based on White House’s calculation of what it currently imposes on US exports, along with 20 per cent Trump had already imposed against Beijing shortly after he assumed power. Bessent mentioned that while there may be room for discussions about the rates, Trump is most likely to stand his ground for now.
“It’s going to be up to President Trump to see what he wants to do. I think the mindset might be to let things settle for a while,” the US Treasury Secretary told Bloomberg, adding: “I am sure there are going to be a lot of calls. I just don’t know if there’s going to be negotiations.”
Why does it matter?
It is pertinent to note that the United States imports nearly $500 worth of goods from China every year. Despite animosities, China continues to remain America’s third-largest source of foreign goods. Not only this, big-box retailers rely heavily on China for low-cost sourcing — and their stocks fell in after-hours trading Wednesday.
Content retrieved from: https://www.firstpost.com/world/trumps-liberation-day-tariffs-push-levies-on-chinese-imports-to-us-to-54-13876762.html.
