US President Donald Trump has significantly increased tariffs on goods from China, which took effect on Thursday, bringing the overall tariff on most products from the country to 145%, according to a White House confirmation via The New York Times. So, what should you know about it?
As previously reported, Trump has announced a 90-day suspension of reciprocal tariffs for dozens of trading partner countries. On the other hand, for China, Trump increased the pressure by imposing new tariffs of 125%.
The 125% tariff rate refers to the latest round of tariffs and not the overall rate of tariffs on goods from China, which the White House confirmed on Thursday. This means the amount does not include other tariffs, most notably the 20% tariff Trump imposed in the fentanyl crisis - bringing the total tariff to 145%.
However, the 125% reciprocal tariff also contains several exceptions. It does not involve products such as steel, aluminum and vehicle imports, which were previously subject to separate tariffs of 25% under different policies.
Also excluded are goods such as copper, pharmaceuticals, semiconductors, lumber, and energy products - some of which are sectors that Trump is considering for further action in the future. We have yet to confirm other details on the news. So, we should wait for more confirmation from the USA.
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