The additional tariffs imposed by President Donald Trump on goods from around 60 U.S. trading partners went into effect on Wednesday morning.
This follows the initial round of comprehensive tariffs, which began last Saturday with at least a 10% charge on imports from most trading nations. The new round marks the beginning of the collection of higher tariffs tied to addressing the U.S. trade deficit.
As part of the ongoing trade dispute, the U.S. will collect tariffs totaling 104% on imports from China, including a new 50% tariff threat set to begin on April 9. This increase comes on top of previously imposed tariffs, including a 34% retaliatory tariff by China and a 20% fentanyl tax.
Meanwhile, Asian markets saw declines as oil prices dropped by nearly 4%, reflecting the uncertainty surrounding these new tariffs and the global trade tensions. The White House has warned China that further retaliatory actions will lead to even harsher measures.
