Which goods are affected by tariffs? - Trump "disturbs" the market and provokes reactions from key partners
The additional 10% U.S. tariff on Chinese goods comes on top of a 10% tax imposed by President Donald Trump on Feb. 4 over the fentanyl overdose crisis in the U.S. The 20% tariff also comes on top of duties of up to 25% imposed by Trump during his first term on about $370 billion in U.S. imports.
This was stated by a White House official, who, speaking on condition of anonymity, said:
“Some of these products saw significant increases in US tariffs under former President Joe Biden last year, including a doubling of tariffs on Chinese semiconductors to 50% and a quadrupling of tariffs on Chinese electric vehicles to over 100%.”
The 20% tariff will apply to several key imports of US consumer electronics from China, previously unaffected by previous duties, including phones, laptops, video game consoles, smartwatches and Bluetooth devices.
China's new tariffs, announced Tuesday, target a wide range of American agricultural products, including some types of meat, grains, cotton, fruits, vegetables and dairy products.
Beijing also placed 25 American firms under export and investment restrictions on national security grounds. Ten of these firms were targeted for selling arms to Taiwan.
China's Ministry of Commerce said the US tariffs violate World Trade Organization rules and "undermine the basis for economic and trade cooperation between China and the US."
American farmers were hit hard by the trade wars of Trump's first term, which cost them an estimated $27 billion in lost export sales and ceded a share of the Chinese market to Brazil.
Tariffs on Mexican and Canadian products could have much deeper consequences for a well-integrated North American economy that depends on cross-border shipments to build vehicles and machinery, refine energy and process agricultural goods.
"Today's reckless decision by the US administration is leading Canada and the US towards recession, job losses and economic disaster," said official sources at the Canadian Chamber of Commerce.
According to them, the US tariffs will fail to bring about a "golden age" coveted by Trump, but will instead increase costs for consumers and producers, as well as disrupt supply chains. "Tariffs are a tax on the American people," they say.
Even before Trump's tariff announcement, US data showed factory prices rose to a near three-year high, suggesting a new wave of tariffs could soon reduce output.
Trump's confirmation of the tariffs jolted financial markets, with global stocks falling and safe-haven bonds rising. Both the Canadian dollar and the Mexican peso fell against the U.S. currency.
Trump has maintained a tough pace of tariff actions since taking office in January, including fully reinstated tariffs of 25% on steel and aluminum imports that take effect on March 12, nullifying previous exemptions.
Trump's "America First" agenda, aimed at reshaping trade relations in favor of the US, is expected to be a central part of his speech to a joint session of Congress.
A few days ago, Trump launched a national security investigation into imports of lumber and wood products that could result in steep tariffs. Canada, which is facing 14.5% U.S. tariffs on softwood lumber, would be hit hardest by such a move.
A week ago, Trump reinstated an investigation into countries that impose taxes on digital services, proposed tariffs of up to $1.5 million on every Chinese-built ship that enters a U.S. port, and launched a tariff investigation into copper imports.
These are part of his plans to increase "reciprocal tariffs" aimed at matching other countries' tariffs and countering their trade barriers, a move that could hurt the European Union.
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