Trump raises tariffs to 104% on China, fuels global economic recession

The United States President Donald Trump, on Wednesday April 9, 20225, imposed 104% tariffs on Chinese imports the White House confirmed.

Trump had earlier threatened additional 50% tariffs on China after Beijing announced 34% retaliatory levies.

China had previously reacted to initial U.S. tariffs of 20% with threats of its own.

The U.S.  then responded by layering another 34% in “reciprocal” duties on top of the original rate.

White House press secretary Karoline Leavitt confirmed the complete 104% package would take effect on Wednesday.

She criticized China’s response, saying, “It was a mistake for China to retaliate.”

Leavitt declared, “When America is punched, Trump punches back harder.”

She emphasized that Trump aims to protect American workers and industries through strong economic policies.

Stock markets quickly reacted to the announcement of the massive new tariff rate.

The Dow Jones Industrial Average lost 320.01 points, closing at 37,645.59.

The S&P 500 dropped 79.48 points to close at 4,982.77.

The Nasdaq plummeted 335.35 points, ending the session at 15,267.91.

All three indexes had opened strongly before reversing course on the tariff news.

Investors dumped stocks amid growing fears of a prolonged trade war with China.

Earlier optimism faded as Trump hinted at even more tariffs if China refused to back down.

Trump told reporters the U.S. is already collecting $2 billion daily from tariffs.

He described these tariffs as “explosive” and vital to fixing unfair trade practices.

Leavitt said Trump would negotiate but only if China initiated talks.

She declined to reveal specific conditions for lifting the tariffs.

Meanwhile, Treasury Secretary Scott Bessent said around 70 countries had contacted the U.S. for tariff negotiations.

Bessent warned that China’s reaction risked isolating it globally.

Trump insisted that America’s economic strength gives it the upper hand in the trade conflict.

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