The Trump administration tried to swiftly begin negotiations with other trading partners targeted by President Donald Trump’s comprehensive tariff plan, but the United States said Tuesday that 104% taxes on Chinese goods will go into effect just after midnight.
In response to the news, U.S. stocks fell. In the past, expectations that Trump could be open to negotiating the removal of the numerous national and product-specific trade restrictions he is putting around the largest consumer market in the world caused global markets to post gains.
Italian Prime Minister Giorgia Meloni will visit next week, and the administration has planned meetings with two important friends and significant commercial partners, South Korea and Japan. The White House clarified, however, that as scheduled, country-specific tariffs of up to 50% will go into effect at 12:01 a.m. Eastern Time (0401 GMT).
China would be particularly hard hit by such tariffs, as Trump has increased import levies to 104% in response to counter-tariffs Beijing announced last week. China said it would “fight to the end” and would not submit to “blackmail.” According to administration officials, negotiations with the second-largest economic power in the world would not be given priority.
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