A 10 percent “baseline” tariff came into place past midnight, hitting most US imports except goods from Mexico and Canada as Trump invoked emergency economic powers to address perceived problems with the country's trade deficits.
Come April 9, around 60 trading partners -- including the European Union, Japan and China -- are set to face even higher rates tailored to each economy.
Beijing also said it would sue the United States at the World Trade Organization and restrict export of rare earth elements used in high-end medical and electronics technology.
Trump warned Friday on social media that “China played it wrong,“ saying this was something “they cannot afford to do.”
Wall Street went into freefall Friday, following similar collapses in Asia and Europe.
But Trump said on his Truth Social platform that his “policies will never change.”
They do not stack on recently-imposed 25-percent tariffs hitting imports of steel, aluminum and automobiles.
But Trump has ordered investigations into copper and lumber, which could lead to further duties soon.
Canada and Mexico are unaffected as they face separate duties of up to 25 percent on goods entering the United States outside a North America trade agreement.
While Trump's staggered deadlines allow space for countries to negotiate, “if they can’t get a reprieve, they are likely to retaliate, as China already has,“ Oxford Economics warned this week.
But he said it “won’t stand idly by.”
Japan’s prime minister called for a “calm-headed” approach after Trump unveiled 24-percent tariffs on Japanese-made goods.
Since returning to the presidency, Trump has hit Canada and Mexico imports with tariffs over illegal immigration and fentanyl, and imposed an additional 20-percent rate on goods from China. Come April 9, the added levy on Chinese products this year reaches 54 percent.
Trump's new global levies mark “the most sweeping tariff hike since the Smoot-Hawley Tariff Act, the 1930 law best remembered for triggering a global trade war and deepening the Great Depression,“ said the Center for Strategic and International Studies.
Oxford Economics estimates the action will push the average effective US tariff rate to 24 percent, “higher even than those seen in the 1930s.”
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