The News
President Donald Trump doubled down on his trade war with China on Wednesday, even as he backtracked on tariffs on other countries.
The president said he would raise tariffs to 125% on Chinese goods, while still insisting that Beijing wants to “make a deal.” China’s retaliatory 84% tariffs on US goods are set to begin on Thursday, and the country also plans to hit back at US companies using other economic tools, like trade blacklists and export controls.
Treasury Secretary Scott Bessent suggested that the US would cut trade deals with its allies, who’d then “approach China as a group.” But Trump’s tariff threats — and the 10% baseline tariff that he ultimately stuck with — have already strained bonds with countries in Asia and Europe. “For all of its faults, it is hard to argue that China looks like a less reliable or attractive partner than the US in light of this administration’s actions,” said Anna Ashton, an expert on US-China business relations.
Still, one Trump administration official suggested countries negotiating with the US could raise tariffs on China.