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Trump’s reciprocal tariffs plan kicks in, China to see net total tariffs of 104% - CNBC
Key Points
- President Donald Trump’s tariffs will go into effect at midnight tonight, including an expected 104% tariff on China.
- U.S. Customs and Border Protection says it is prepared to begin collecting country-specific tariffs from 86 U.S. trade partners starting at 12:01 a.m. ET.
- U.S. markets sold off sharply this afternoon, heading into the midnight tariff deadline.
- Tesla CEO Elon Musk is escalating his attacks on top Trump trade advisor Peter Navarro.
- The president says China “wants to make a deal, badly, but they don’t know how to get it started.”
- Former Commerce Secretary Carlos Gutierrez says the U.S. and China are in a full blown trade war.
- Newly confirmed U.S. Trade Representative Jamieson Greer, testified before the Senate Finance Committee at a hearing on the president’s 2025 trade policy agenda.
- European Commission President Ursula von der Leyen says the EU is willing to negotiate with the U.S. on tariffs, yet is also preparing to retaliate.
- Two billionaire Trump backers, Ken Langone and Ken Griffin, are furious about the tariffs.
Ship-building to be key negotiating tool in South Korea-U.S. tariff talks
Major U.S. ally South Korea, which was slapped with a 25% rate under the latest Trump tariff regime, says ship-building could be a key advantage in negotiations with the White House.
“Since President Trump and the Trump administration are showing great interest in shipbuilding cooperation, we believe that the shipbuilding sector will be a very important negotiating card for us,” South Korea’s Minister of Trade, Industry, and Energy Ahn Duk-geun said on Wednesday, according to Reuters.
This comes after U.S. President Donald Trump and South Korea’s interim leader Han Duck-soo held talks on Tuesday to discuss tariffs. Several nations are looking to negotiate with the U.S to mitigate the effect of the U.S. protectionist trade policy.
— Lily Meckel
India’s central bank governor signals growth concerns amid U.S. tariffs
Speaking after the Reserve Bank of India’s decision to cut interest rates, the central bank’s Governor Sanjay Malhotra said he was “concerned about growth” in India due to the impact of U.S. tariffs.
He pointed out India is better placed than other countries to tackle the tariff-led hikes due to its narrower trade surplus with the U.S. and the lower “reciprocal” tariff rate it received from Washington, compared with other nations.
“My understanding is that the impact of these tariffs on India vis-à-vis some of the other countries [such as] China and some of the other countries, [is] much less,” Malhotra said.
