A White House official confirmed that the new tariff rate on Chinese products now totaled 145 percent, not 125 percent as the president suggested earlier.
WASHINGTONâ The White House confirmed on Thursday that U.S. tariffs on Chinese goods have risen to 145 percent, factoring in the earlier 20 percent tariffs imposed in connection with fentanyl trafficking.
A White House official confirmed that the new tariff rate on Chinese products now totaled 145 percent, not 125 percent as the president suggested on April 9. The executive order signed by Trump stated that the reciprocal tariff rate increased overnight from 84 percent to 125 percent, which excludes the 20 percent fentanyl tariff.
Trump has announced a 90-day pause on certain tariffs for countries that have signaled their willingness to negotiate, while leaving in place âa substantially lowered reciprocal tariffâ of 10 percent.
Trump noted that this pause would not apply to tariffs on imports from China, which the president said will immediately increase to 125 percent âbased on the lack of respect that China has shown to the worldâs markets.â
He explained his decision to pause global reciprocal tariffs on April 9, saying that people were âgetting a little bit yippy, a little bit afraid.â He also cited the need to be flexible when working with countries to make deals and to respond to markets.
Current tariffs on steel, aluminum, and autos remain unchanged. Sectoral carve-outs previously issued by the White Houseâon pharmaceuticals, lumber, copper, and semiconductorsâremain unchanged.
Fentanyl-related tariffs on Canada and Mexico also remain unchangedâthat is, goods that donât fall under the U.S.âCanadaâMexico free trade agreement are tariffed at 25 percent, except for energy and potash, which are subject to a 10 percent tariff.
Beijing announced on April 9 that it will impose tit-for-tat 84 percent retaliatory tariffs on U.S. goods entering the country in response to Trumpâs new tariffs.
Treasury Secretary Scott Bessent said Beijingâs latest escalation is a âloserâ decision for the Chinese regime.
âThey have the most imbalanced economy in the history of the modern world, and I can tell you that this escalation is a loser for them,â he said in an interview with the Fox Business Network.
He pointed out that Chinaâs exports to the United States are five times larger than U.S. exports to China.
âSo, they can raise their tariffs. But so what?â Bessent said.
The Treasury secretary added that the United States âis trying to rebalance toward more manufacturingâ and that Beijing needs to transition to âmore consumption.â
He also believes the Chinese regime should acknowledge the volume of precursor chemicals for fentanyl that originate from China.
âThey make their way into North America and then sold into the U.S.,â Bessent said.
When asked how far the Trump administration is willing to take the trade dispute, Bessent responded that âeverythingâs on the table.â
âI am confident this will be resolved at the highest levels,â he said.
Samantha Flom, Andrew Moran, and Travis Gillmore contributed to this report.
Original News Source Link – Epoch Times
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