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Trump imposes record duties: 104% sting on China, EU ready for counter-duties
The new wave of tariffs wanted by the US president has been triggered. Asian markets down, Brussels responds with 25% duties from 15 April
The new package of “reciprocal” duties wanted by US President Donald Trump came into force today, 9 April, and is intended to hit dozens of countries, including some historic allies. The declared aim is to “restore fairness” in international trade and boost the American manufacturing sector.
China in particular is in the crosshairs, with customs duties of at least 104% on many imported goods. A move that shook the Asian stock exchanges: Tokyo slumped 4.35%, the Hang Seng lost 1.82%, and Australia’s S&P ASX 200 dropped 1.97%. The exception was Shanghai (+0.65%).
The move came after Beijing announced it would retaliate with tariffs of 34%, confirming an escalation. ‘For over 50 years the US has been robbed. But it won’t happen again,” Trump said, announcing the highest tariffs in more than a century. ‘We’ve been played for dead,’ he added.
The new tariffs also include 20% duties against the European Union. Brussels is preparing to retaliate with counter-duties of 25% on a list of US products, valid from 15 April. However, dialogue is not ruled out. According to White House spokeswoman Karoline Leavitt, ‘Trump is willing to talk to any country that wants bilateral agreements. We will give priority to allies’. Among them, Giorgia Meloni is also mentioned.
Meanwhile, prices are expected to rise on a global scale. Importers will pay them, who will pass the costs on to wholesalers, retailers and consumers. Foreign companies will also be impacted, while the US may shift supplies to less taxed markets.
China has promised battle: the Ministry of Commerce has declared that it will “fight to the end”. For his part, Trump wrote on Truth Social that “China strongly wants a deal, but doesn’t know how to initiate it”.
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