US President Donald Trump’s sweeping tariffs came into effect on Wednesday, including a massive 104% duty on Chinese goods.
The new levies also targeted imports from allies, such as the European Union and Japan, sparking fears of a global trade war, with Trump says the target countries are “ripping off” the US.
The customized rates for nearly 60 economies supersede the 10% baseline duties that took effect over the weekend.
China, the main target, faces the heaviest impact.
In tit-for-tat tariff impositions, China announced last Friday 34% in additional tariffs on all goods imported from the US, starting Thursday, matching Trump imposing new levies of 34% on China.
Trump responded by adding another 50% duty after China’s countermeasures, slapping a total of 104% duties on Chinese goods.
The Trump administration says nations like Japan, South Korea, and Vietnam are open to negotiations, with Trump telling fellow Republicans at a dinner on Tuesday evening that countries were “dying” to make a deal.
“I’m telling you, these countries are calling us up kissing my ass,” he said.
The tariffs have rattled markets — wiping nearly $6 trillion off the S&P 500.
On Wednesday, Asian markets opened down again while China’s offshore yuan fell to an all-time low against the US dollar. Oil prices also slumped.
Meanwhile, Canada said that its tariffs on certain US auto imports will come into force Wednesday.
