U.S. Imposes 104% Tariff on China, Escalating Trade War

TaiwanPlus News

U.S. President Donald Trump has imposed a 104% tariff on all goods from China. It comes as the world's two biggest economies go head-to-head in a trade war, causing global markets to plummet.

Transcript

00:00These Chinese products sold in the U.S. are now subject to a mammoth 104% tariff.

00:08That's after U.S. President Donald Trump hiked levies on all imported goods from China

00:12as the two countries engage in a trade war showdown.

00:16Right now China is paying a 104% tariff. Think of it, 104%.

00:22Now it sounds ridiculous, but they charged us for many items, 100%, 125%.

00:31Many countries have. They've ripped us off left and right.

00:35As part of sweeping global tariffs announced last week,

00:38Trump imposed a 34% levy on Beijing, on top of the 20% already applied this year.

00:44When China responded with a retaliatory 34% tariff, the U.S. President added an extra 50%.

00:51The White House says nearly 70 countries impacted by the measure are attempting to negotiate a deal

00:57with the U.S., including Taiwan. And China should too.

01:02The President believes that Xi and China want to make a deal.

01:04They just don't know how to get that started.

01:06And the President also wanted me to tell all of you that if China reaches out to make a deal,

01:10he'll be incredibly gracious, but he's going to do what's best for the American people.

01:15China claims the U.S. has not showed any willingness for dialogue around these issues.

01:21The U.S. has proved to stabilize its domestic market by increasing its holdings in stock market

01:25index funds, as it refuses to bow to pressure from the U.S.

01:29Economic analysts believe Trump's dramatic trade escalation with China is aiming to reconstruct

01:47the global supply chain by attempting to force Beijing's hand to reduce the U.S. trade deficit

01:53and negotiate on what America sees as unfair trade practices.

01:57I think right now they really want to get Beijing on the negotiation table to really discuss how

02:04they are going to move forward with the tariff rates and how they are going to address some of

02:09the concerns within Washington, the concerns within Beijing.

02:14But the 104% tariff will not only hurt China.

02:19American importers who rely on Chinese markets will bear the cost of tariffs

02:23and pass that on to consumers.

02:26After this week, we're going to, we might going to increase the price for those products.

02:33I mean, those ingredients and then the sauce.

02:37How much will they be, how much will they increase the price for us?

02:43Markets are already feeling the pain, with stocks across Asia plummeting.

02:49Despite the financial turmoil, Trump has pushed ahead with the latest tariff measures.

02:54The focus is now on how China will respond to the escalation and how the impacts of a trade

02:59war between the world's two biggest economies will ripple across the globe.

03:03Dolphine Chen and Rosie Greninger for Taiwan Plus.

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