At midnight, the Trump administration made good on its threat—slapping a 104% tariff on Chinese imports after Beijing refused to lift its own retaliatory tariffs.
The tariffs are part of Trump’s broader "reciprocal trade" plan, which he says levels the playing field for American industry. On April 4, he declared “Liberation Day” when outlining a list of tariff hikes aimed at countries he says have taken advantage of U.S. trade policy. China answered back with its own 34% tariffs on U.S. goods and vowed to “fight to the end,” calling the move economic blackmail.
President Trump says Chinese leader Xi Jinping “knows where he stands” and hinted he's open to negotiations. In the meantime, some Chinese manufacturers are reportedly looking to move production out of the country to soften the blow. For now, the tariff war is back on.