US announces 104% tariffs on China, triggering market declines. Trade talks with allies underway, but concerns over global recession grow.
: The United States said on Tuesday that 104% duties on imports from China will take effect shortly after midnight, even as the administration of President Donald Trump moved to quickly start talks with other trading partners targeted by sweeping tariffs.
Japan's Nikkei saw a broad sell-off on Wednesday morning and other Asian markets were braced for falls, hours before the tariffs were set to take effect. Those tariffs will be especially steep for China, as Trump has ratcheted up duties on its imports to 104% in response to countertariffs Beijing announced last week. China has refused to bow to what it called blackmail and has vowed to fight to the end.
Trump's lead trade negotiator, Jamieson Greer, told Congress his office is trying to work quickly but is not facing a particular deadline. China is bracing for a war of attrition, and manufacturers are warning about profits and scrambling to plan new overseas plants. Citing rising external risks, Citi cut its 2025 China GDP growth forecast to 4.2% from 4.7%.
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