Tariffs from dozens of countries that came into effect on Wednesday, including 104% of goods from China, drastically increased a potential global trade war. The tariffs are held at 12:01 a.m. ET.
Asian financial markets resumed slides, with Tokyo's Nikkei 225 down 5%.
U.S. stock futures lost for the fifth straight day on Wall Street, with the S&P 500 down 2.17%, the Dow Jones Industrial Average Futures Term was 1.89%, and the Nasdaq Comprehensive Futures fell 2.12% as of 1:20 AM at 1:20 PM.
The levy for imports from exporters such as the EU or Japan rose again on Wednesday after 10% of tariffs that shocked the global economy since the weekend's holdings.
China – Washington's largest economic rival, but also a major trading partner – is the hardest hit.
White House press secretary Karoline Leavitt told the briefing Tuesday that the tariffs were intended to negotiate with U.S. trading partners.
“For all over the world, we have brought us your best offer and he will listen,” Levitt said of Trump. “The deal will only be concluded if the American workers benefit.”
Mr Trump said Tuesday that his administration is conducting “tailored deals” with trading partners, and the White House said it would prioritize allies such as Japan and South Korea.
His top trade official, Jamieson Greer, told the Senate panel Argentina, Vietnam and Israel that they are the ones who proposed lowering tariffs.
The president told a dinner with fellow Republicans Tuesday night that countries were eager to reach a deal.
But Beijing showed no sign of standing. Vow to “end” with the trade war And there are countermeasures that hope to defend their interests.
China's retaliatory tariffs on 34% of U.S. goods will take effect on Thursday.
The president said his policy would restore lost manufacturing bases in the United States by forcing companies to move to the United States.
However, many business experts and economists question the speed at which this could happen, warning inflation to raise prices.
Mr. Trump said Tuesday that the U.S. “collects nearly $2 billion a day” from tariffs.
He initially announced an additional 34% tariff on Chinese goods.
But Trump added another 50% of his duties after China refuted the same amount of tariffs on its own on U.S. products.
Calculate existing taxes implemented in February and March, which increased the cumulative tariffs on Chinese goods during Trump's second presidency to 104%.
He insisted that the ball was in a Chinese court, saying Beijing “want to make a bad deal but they don’t know how to start.”
Later on Tuesday, Mr. Trump also said the U.S. would announce major tariffs on pharmaceuticals “soon”.
Canada said its tariffs on certain U.S. auto imports will take effect on Wednesday.
The EU is trying to ease tensions, and the head of the group Ursula von der Leyen warned not to intensify the trade conflict in a call with Chinese Prime Minister Lee Kunge.
According to EU readers, she stressed the stability of the world economy while “the need to avoid further escalation.”
The Chinese Prime Minister told his country Von der Leyen that he could survive the storm, saying “confidence in maintaining a sustained and healthy economic development.”
EU – Mr Trump criticized its tariff regime – could announce a response it faces to a 20% tax.
In retaliation against the U.S. steel and aluminum tax that came into effect last month, the EU plans to impose up to 25% tariffs on U.S. goods from soybeans to motorcycles, AFP said.
