Trump’s new tariffs are hours awaypublished at 00:17 British Summer Time 9 April
Image source, Getty ImagesIn less than four hours, the next phase of Trump’s sweeping tariff plan will go into effect.
Included in this round is a massive increase in levies against China.
The White House reiterated that China will face a total of 104% tariffs from midnight local time.
Meanwhile, China is standing firm, accusing Trump of acting like a bully and refusing to rescind its own retaliatory tariffs on the US.
But it’s not just China and the US, the two biggest economies in the world, who are locked in a trade war.
Some 60 other countries, dubbed by the Trump administration as the “worst offenders”, will also get hit with higher tariff rates from 00:01 EDT.
This comes after the 10% levy Trump ordered on nearly all of America’s trading partners last week.
Markets across the globe have lost trillions of dollars as investors react to uncertainty and instability. While US markets rose at opening today, by closing bell it had wiped off those gains and once again finished in the red.
Now, the world is waiting to see what happens when Trump’s new tariffs kick in.
Stick with us and we’ll bring you the latest.
