The trade war between Washington and Beijing deepens, as the White House says its tariff rate on most Chinese goods is 145%.
Donald Trump had announced a 125% levy on imports from China on April 10, 2025 – but now the White House confirms that is on top of an existing 20% fee.
Trump acknowledged some tariff “transition difficulty” at a cabinet meeting.
Beijing earlier announced an 84% tariff on US goods entering the country.
The US stock market suffered another day of losses.
Elsewhere, the EU put retaliatory tariffs against the US on hold, after Trump paused a 20% tariff against Europe for 90 days.
The EU now faces the same 10% baseline tariff as most other countries, which Trump announced last week.
US stock market closes after another day of losses
Here’s what Wall Street’s three major stock indexes looked like at 16:00 EST (21:00 BST):
-Dow Jones Industrial Average – down 2.5%
-Nasdaq Composite – down 4.31%
-S&P 500 – down 3.46%
April 9, saw stock markets rally after Trump announced a pause to heavy tariffs on most countries, ending a run of days of heavy losses.
But on Thursday, there was a slump as soon as markets opened, reflecting ongoing uncertainty among investors about the economy.
April’s 10 losses don’t wipe out April 9’s gains, but all three main indexes are well below where they were before Trump imposed the tariffs.
The mood on Wall Street has darkened overnight
Gone is the euphoria from yesterday’s trading session, which saw the major US indexes notch their biggest one-day gains in years.
They resumed their run in the red Thursday, at one point halving yesterday’s gains.
The sell-off deepened after the White House clarified that tariffs on imports from China totalled not 125%, but 145%, after stacking the new number on top of an earlier tariff rate.
Investors worry that the tariffs on China and other countries will ultimately weaken growth.
The New York Stock Exchange closes soon – we’ll bring you the latest numbers shortly.
…..
Explore the world of impactful news with CitiNewsroom on WhatsApp!
Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU:
https://whatsapp.com/channel/0029VaCYzPRAYlUPudDDe53x
No spam, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital