US President Donald Trump raises tariffs on China to 104% amid ongoing trade war

The White House announced on Tuesday that a 104 percent tariff on China would be imposed starting Wednesday, marking a significant escalation amid the tariff tensions that have shaken the markets.

To avoid a 104 percent tariff on Chinese goods, President Trump had issued China a 24-hour ultimatum to "withdraw" or remove the 34 percent duty it had placed on US goods.  Earlier today, Beijing challenged Washington to do so. Donald Trump gave his approval in a matter of hours.

Until last month, the US imposed a 10% tax on China. President Trump said that this "robbed and ripped off" the US economy of billions of dollars, while Beijing, a "tariff abuser," imposed a much higher duty on US exports.  Last week, the US president outlined his "reciprocal tariff" plan, which calls for the US to impose tariffs on foreign nations that are about half of what the US charges them.  This accounted for an extra 34% for China, bringing Beijing's total to 44%.

Minutes after President Trump announced reciprocal tariffs on April 2, the White House informed reporters that the United States is imposing a "baseline" 10% tariff on all nations owing to a "national emergency" that has stemmed from security concerns over ongoing trade deficits. The current tariff basket for China was 54%.

With today's "additional 50 percent tariff" only for China, Beijing is now facing an unprecedented levy of 104% tax, a nearly 100% increase in less than a week. However, President Trump did not close the door to Beijing's reconciliation. In a post on his social media platform Truth Social, he wrote, "China also wants to make a deal, badly, but they don't know how to get it started. We are waiting for their call."