The goods imported from China will now face a combined total tariff rate of 54%, Treasury Secretary Scott Besent said Wednesday.
Besent confirmed to Bloomberg Television that all assets imported from China would face a new rate of 34% based on the White House calculations of what it currently imposes on US exports, plus the existing 20% rate that Trump had already imposed in the initial weeks of his administration.
Besent added that while there may be space for discussions with Trump on that rate, it is most likely to get PAT for now.
“It will depend on President Trump see what he wants to do. I think the mentality could be that things are accommodated for a while,” said Besent, adding: “I’m sure there will be many calls. I just don’t know if there will be negotiations.”
The United States imports goods worth almost $ 500 billion of China each year, which makes it the third largest source of foreign goods. Big-Box retailers depend largely on China for low-cost supply, and their shares fell into trade outside the time on Wednesday.
Target fell to 5.5%, while Walmart was out of 4.7%.
The Chinese authorities had not yet responded to Trump’s comments on Wednesday night. A spokesman for the United States embassy of the country did not immediately respond to a request for comments.
Both markets and commercial partners have severely reacted to Trump’s tariff plan, which seeks to interrupt the long -standing global trade agreements. The Prime Minister of Australia, who has extensive trade with China, said that the new duties, which would take effect next week, will damage not only the long -standing partners but also to US families.
“Administration tariffs are not based on logic, and they go against the base of the association of our two nations. This is not the act of a friend,” said Prime Minister Anthony Albanese at a press conference on Thursday morning in Melbourne, according to Bloomberg News. “Today’s decision will be added to uncertainty in the global economy, and will increase the costs for US households.”
