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The US government on Wednesday began collecting tariffs imposed by President Trump on roughly 90 countries, including a whopping 104% levy on China.
The sweeping reciprocal tariffs, which hit US allies and adversaries alike, went into effect just after midnight and are in addition to a 10% baseline levy imposed on April 5.
Trump, 78, slapped China with the steepest duties on imports after the People’s Republic imposed retaliatory 34% tariffs on US goods in response to the 34% import fee the president announced last week.
“It was a mistake for China to retaliate,” White House press secretary Karoline Leavitt said Tuesday. “The president, when America is punched, he punches back harder. That’s why there will be 104% tariffs going into effect on China tonight at midnight.”
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Trump’s 50% retaliatory tariff on China is in addition to the 34% reciprocal levy and the previously imposed 20% duty on Chinese imports, which amounts to a 104% total tariff rate.
The president views his tariff policy as the nation’s “Declaration of Economic Independence” and believes it will break down foreign trade barriers while fueling a boom in domestic production.
The tariff rates, which include 17%, 20%, 24, and 25% levies against Israel, the European Union, Japan and South Korea, respectively, were calculated by the president’s Council of Economic Advisers and are based on the trade deficit the US runs with its partners, in addition to a baseline rate.
Several Trump administration officials have said the phones have been ringing off the hook since Trump’s so-called “Liberation Day” tariffs announcement, with foreign leaders looking to make a deal to lower the rates.
“The president met with his trade team this morning, and he directed them to have tailor-made trade deals with each and every country that calls up this administration to strike a deal,” Leavitt said, noting, however, that Trump “expects that these tariffs are going to go into effect.”
At a White House event Tuesday, the president touted that the US was already “taking in almost $2 billion a day in tariffs.”
Trump also insisted that he’s not opposed to making “tailored deals” with countries seeking relief from the tariffs.
“Not off-the-rack, these are tailored, highly tailored deals,” he said.
Domestically, Trump’s tariff plan has roiled Wall Street and fueled fears of inflation and a recession.
In the first two days following the president’s announcement last week, the S&P 500 index plummeted 10.5% – its biggest two-day loss since March 2020.
The index fell again on Tuesday by more than 1.5%.
The Dow Jones Industrial Average dropped 320 points on the eve of the new tariffs and is more than 10% below its December record close.
Meanwhile, the Nasdaq Composite plummeted more than 2% Tuesday and has already confirmed it was in a bear market, defined as a decline of 20% or more below its record close, according to Reuters.
If deals are not cut with foreign nations, Trump plans for the new tariffs to remain in effect until he determines that “the threat posed by the trade deficit and underlying nonreciprocal treatment is satisfied, resolved, or mitigated,” according to his executive order.