The White House has announced that an additional 104% tariff on China went into effect at noon on Tuesday, with collections of the tariff beginning April 9. US President Donald Trump threatened an additional tariff on China if Beijing didn’t remove its retaliatory duties on US exports. The latter brought its own 34% tariff increase on the United States in response to Trump’s tariff announcement last week. Since China has yet to lift its retaliatory tariffs, the White House has added an additional 104% tariff to Chinese imports.
On Monday, Trump also said he’s currently “waiting” on a call from China to make a deal on trade and tariffs while touting that a delegation from South Korea was already headed to the U.S. to make a deal of its own. “China also wants to make a deal, badly, but they don’t know how to get it started,” Trump said in a post to Truth Social. “We are waiting for their call. It will happen!”
JUST IN: 🇺🇸🇨🇳 White House says additional 104% tariffs on China went into effect today at noon. pic.twitter.com/AH3m21HsKT
— Watcher.Guru (@WatcherGuru) April 8, 2025
Markets Respond to Heightened Trump Tariffs on China
Global stock markets, especially in the US, began to rebound on Tuesday after a string of consecutive days in the red. However, the latest tariffs will likely impact top US companies that rely heavily on the Chinese market. Companies like Nvidia (NVDA) and Apple (AAPL) were hit very hard last week but have slightly rebounded in the early hours of Tuesday’s trading session. Since 12 pm, however, AAPL has plunged again, sinking from around $185 to $177.
Furthermore, the global crypto market has even taken a hit from the tariff talks, tied with the stock market’s downturn. The global crypto market cap is $2.46T, a 0.18% decrease over the last day. The total crypto market volume over the last 24 hours is $108.82B, marking a 53.06% decrease as well. The leading crypto asset by market cap, Bitcoin (BTC), has dropped over 7% in the last seven days. Some experts suggest that the king crypto coin could get a boost during the China-USA tariff war, but that has yet to be seen in the last week.
Also Read: Putin vs. Trump: Who’s Winning the Financial Showdown on Stocks & Commodities
On Monday, the White House also dismissed a wire headline that said Trump is considering pausing new tariffs for 90 days. Several economic experts and billionaires say that the new Tariffs from the US threaten a recession that could last for years. Further, the tariffs could even spur more enemies for the US, with more than just China being hit hard. In response to Tuesday’s tariff increase, China said it would “fight to the end” as it announced countermeasures to Trump’s tariff plan.