U.S. president Donald Trump's 125 per cent tariff on Chinese imports, which took effect on Apr. 10, sends the cumulative tariff to 145 per cent, the White House confirmed.
A previous 20 per cent was added earlier this year over China's alleged role in the fentanyl supply chain.
These tariffs stack on existing levies from past administrations.
However, AFP reported the latest 125 per cent figure does not apply to all products, and notably excludes products such as steel and aluminum imports, as well as goods such as copper, pharmaceuticals, semiconductors, lumber, and energy products.
Two days prior, Trump announced a complete 90-day pause on all the “reciprocal” tariffs that went into effect at midnight on Apr. 9, with the exception of China.
The two countries have rallied back and forth over the past few days, repeatedly increasing tariff rates in a growing trade war that has left the stock market in disarray.
Wall Street stocks plunged on Apr. 10, just as they experienced a surge the day prior after Trump announced his pause on "reciprocal" tariffs.
China vowed to fight the tariffs till the end, retaliating with an 84 per cent tariff on U.S. imports in response on Apr. 9.
It also announced on Apr. 10 that it will be restricting imports of Hollywood films, though industry analysts told Reuters the financial impact was likely to be minimal as there was already a significant decline in Hollywood's box office returns in China over the years.
Trump said the U.S. would "love to work a deal" with China in a Cabinet meeting on Apr. 10 (U.S. time), adding that "they've really taken advantage of our country for a long period of time".
"They've ripped us off beyond anybody," he said.
He then said he had nothing but "great respect" for China's president Xi Jinping and that the latter was "a friend" of his for a long period of time.
"I think that will end up working out something that's very good for both countries," Trump said.
Top image via People's Daily/Weibo, Donald Trump/Facebook and Canva
