ADVERTISEMENTUS President Donald Trump has said he will increase the tariff rate on Chinese goods imported into the United States to 125%.
In a post on Truth Social, Trump said the steeper new tariff rate would be “effective immediately” and was being enforced because of “the lack of respect China has shown the World’s Markets.”
Earlier on Wednesday, China said it was raising its retaliatory tariff on the US to 84%, effective on Thursday.
That came after Beijing vowed to “fight to the end” against Trump’s tariffs, arguing that trade between the two countries is in balance as a 104% tax on the country’s exports to the US came into effect.
Our journalists are working on this story and will update it as soon as more information becomes available.
